Wednesday, September 18, 2013

Wednesday 9/18/13 Market Update

The alternate wave count in the last update has been made the primary wave count.  As stated in previous updates, there was not a great difference in probability between these two options.

If the wave count is correct, the core of [5] was today during the Federal Reserve statement.  Possible alternative options since 8/30 include several complete or nearly complete impulse wave options and various complete or nearly complete zigzag and double zigzag options (not shown here).  These wave counts are many, but they have either structural problems and/or proportionality problems making them notably worse than the primary count in this update.  Also if the core of [5] really was today, its target is around 1800 which will make it a reasonable size in relation to [1].

Wave [4] of iii looks incomplete.  Prices should go no lower than 1718-9 if the primary wave count is to remain valid.

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