Sunday, September 15, 2013

Friday 9/13/13 Market Update

There is no change to the wave count since the last update.  The market looks poised to move higher due to the 3-wave advance to new highs the 11th-12th and the appearance of the sideways action since that time.  Another pullback to the lower 1680s or upper 1670s is possible before a breakout, but that should mark a short-term low.  The primary count above looks most favorable when describing short-term action, but the alternate would be the best option if the sideways correction is not complete.

There are several good options to explain the rally since the low last month.  Prices should break higher this week and if the last all-time high is reached, this can certainly mark a high in the intermediate-term; a sideways correction may be underway since the last all-time high.

The primary count is calling for wave [4] to unfold as a sideways correction, but this is not by a large margin.

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