Wednesday, July 31, 2013

Wednesday 7/31/13 Market Update

The wave count remains unchanged since the last update although there is a chance wave (5) completed today (the "or" count).  The colored count works best in the longer term while the "or" count works best with the fine waves since the June low.  Regardless of which is correct, the rally higher since Friday looks clearly like a non-impulsive wave.

Wave 4, if it is still incomplete, is getting a bit large in relation to 2.  On the other hand, a complete wave 5 seems small in relation to 1 and 3.

The completion of (5) can mark the end of the entire rally since 2009.  The alternate count suggests one more multi-month rally ahead after a wave [4] pullback.

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