Wednesday, August 14, 2013

Wednesday 8/14/13 Market Update

Since the last update, there have been several new good short term wave count possibilities added.  A 3-3-3-3-3 leading diagonal lower, one impulse lower with wave 2 zigzag+flat double, or two impulse waves lower with complete second wave corrections are these possibilities.

A complete zigzag lower is possible, but it is very hard to see how this can fit into the larger wave count.

Unless wave 4 is very out of proportion to wave 1, an impulse higher since June is complete.  Because of a lack of other good options, the pullback occurring now should be part of a 4th wave of a larger degree (alternate wave [4]) or a much larger sell-off.

If the more conservative alternate wave [4] sell-off is underway, [4] should be proportional to alternate wave [1].  So far the correction is extremely shallow and minor.

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