Sunday, November 24, 2013

Friday 11/22/13 Market Update

The Elliott wave picture of the market remains largely unchanged from the last update.  Because of what the market charts are showing, what will happen next on a variety of scales is unclear.  The primary wave count above still works best will all the subwaves in that there are the least amount of proportionality issues.  It is also arguably the most simple option as well.

The lack of clarity stems from the action higher following the September low; almost nothing is proportional.  It suggests the very bullish option that the core of an impulse wave higher since the November, October, or even September lows has not yet been seen.  But momentum higher has been waning for the past few months in a market that has only higher highs and higher lows for years now, so there is good reason to be skeptical of such an explosive move.

The wave action higher since the Wednesday low is also not clear.  Many things can be unfolding.  The labelings above were found taking the primary wave count in the larger picture into consideration.

Because of the Thanksgiving holiday in the United States, the next post will be on the weekend.

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