Wednesday, September 4, 2013

Wednesday 9/4/13 Market Update

In the last update, it was said that the Friday low was very likely not the completion of any down move since the last all-time high.  But the market made a statement today giving a bullish look to the current setup.  The alternate wave count first seen here many months ago and discussed last week is now the primary wave count.

The rally underway since Friday looks correct in and of itself, but it is dominating the Monday-Tuesday impulse wave down seen last week which is not bearish.  A complete impulse wave down from the all-time high to last week Tuesday's low is possible, but the sub-waves do not work well with this idea because of a lack of proportionality.

An impulse wave lower last week Thursday-Friday looks better than it seemed originally.  This wave should be 5 waves unless there is a flat+zigzag upward correction taking place since the Tuesday low last week.

The monthly employment report is due Friday morning 1 hour before the opening bell.  Like usual, it certainly brings the possibility of big gap moves for the open.  Tomorrow may be a slow day as the market keeps its energy bottled up.

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