Wednesday, September 25, 2013

Wednesday 9/25/13 Market Update

The wave count remains unchanged since the last update.  The chart above is a bearish one due to the wave structure since the last high.  The most bullish scenario is a complete (or completing) leading diagonal lower (not listed above).  It is a weak option but still implies lower prices after a rebounding 2nd or 'b' wave.  Also possible, and more likely, is a sideways correction developing since the Monday or Tuesday low.  But following today's trading high, the 3 waves down to a new low is generally very suggestive of a low not yet complete.

It looks clear at this point that the last all-time high marked the high of a wave which began 8/30.  If this was a corrective or impulsive wave, it remains to be seen.  In either case, prices should drop noticeably in the weeks ahead within sideways wave [4] or a larger bear market as the alternate' count for a subdividing (5) seems the most unlikely of the potential options.

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