Tuesday, July 16, 2013

Tuesday 7/16/13 Market Update

The short-term wave labellings have changed a bit since the last update, but the larger wave count remains the same.  The size of the pullback today prompted the change.  The wave down since yesterday's high also resembles an impulse wave with an ensuing weak bounce.

The rally higher since 7/3 works surprisingly well as a complete impulse wave, actually better than if 7/11 is labelled as the core of the wave due to the action today.  If 7/11 is the core, the alternate''' count above is the correct one.

Because wave 3 is now significantly longer and stronger than wave 1 and wave (4) is complex and well-proportioned to (4), the primary count above remains stronger than the preferred alternate (alternate').  If alternate' is unfolding, a double zigzag higher since last month's low is nearly complete.

The expectation is for a significant top coming soon, perhaps in a few weeks.  1725 may be the number; this is the symmetric estimate of (5).

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