Sunday, October 27, 2013

Friday 10/25/13 Market Update

The potential wave options remain largely unchanged since the last update.  The Alt' wave count has been changed to "or 2", making the wave count in color, the "or" wave count and the "or 2" wave count all good potential options.

The rally since the October low has been changed somewhat which allows the new all-time high reached Friday.

As expressed in the last update, a sideways correction still underway since the Tuesday high looks unlikely.  If a correction like this were to complete, it would be disproportionate to other corrections in the rally since the October low.  Since this rally is so established, a breakdown should clearly make the wave counts for an ending diagonal or incomplete wave [4] incomplete the best options.

An impulse higher since the Wednesday low also works well with the wave structure.  The rally should continue to additional all-time highs as the structure higher since the Friday low looks very incomplete as an impulse wave and possibly the 'b' wave of a sideways correction.  An additional rise in price may be short lived however if the or' wave count is correct.

blog comments powered by Disqus