Wednesday, August 21, 2013

Wednesday 8/21/13 Market Update

The wave count remains unchanged since the last update.  The best guess of tomorrow's action will be a spike lower opening that will probably not be followed by much selling if any, then a rally for the rest of the day.

The amount of possible short-term options since the last all-time high have been reduced due to recent price action.  The best option is an impulse lower that will complete tomorrow.  Because of a lack or proportionality, a zigzag terminating at this time is a weaker option than the Alternate' wave count above which calls for a more complex impulse wave winding down.

The alternate count would probably look better with a lower price low by dozens of points.  This works well with the intermediate options mentioned above.  An impulse lower since the last all-time high should be followed by a corrective wave.

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