Sunday, July 7, 2013

Friday 7/5/13 Market Update

There is only a minor change to wave count in the very short term since the last update, but it still appears that wave 2 is not complete.  If it is complete, the alternate'' count is correct and wave [c] of 2 must be an ending diagonal with (iii) longer than (i).  I cannot remember seeing an ending diagonal like this and am not convinced that this is a valid pattern.

If wave (4) is not complete, wave A of (4) almost certainly is.  A test of the last all-time high is expected of this wave that began at the low last month.  The last few months of price action look very bullish.

After the next all-time high, a double zigzag since Match 2009 may be complete.

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