Wednesday, September 11, 2013

Wednesday 9/11/13 Market Update

There is no change to the wave count since the last update.  In the short term, it looks very unlikely that the high reached today is the end of an impulse higher that began Friday the 6th.  A small sideways consolidation appears to be underway where the Tuesday highs should provide support.  Even if there is a sell-off beginning in the morning that reaches the upper 1670s, the market will still look bullish in the short-term.

After an impulse higher since 9/6 completes, a zigzag beginning at the 8/30 low may be complete.  Unless this leaves price very close to all-time highs, additional upside is expected within a sideways wave [4] and possibly wave [5].

As mentioned last week, [4] looks small relative to [2], but it would not be surprising if wave [5] is underway.

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