Sunday, October 6, 2013

Friday 10/4/13 Market Update

The short term wave count has changed since the last update, but there is some change to the short-term waves.  The Thursday decline looks like a 3-wave move, so the rebound that ensued to the Friday high should be part of an upward correction within a larger downward structure.

The action since the last all-time high looks very corrective, however as mentioned above the short term waves are suggesting the move lower is still not complete.

If wave [4] is incomplete as the primary count suggests, a triangle wave [4] underway is the preferred option by a large margin.

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