Wednesday, November 6, 2013

Wednesday 11/6/13 Market Update

There is little change to the primary wave count since the last update.  With a very clear looking double zigzag since the Friday low to nearly a new high, and little short-term bullish options visible, a sideways correction looks underway since 10/30.

At least the lower 1750s, with a chance of 1740, should be reached in the coming days.

The "alternate 2" wave count is now a remote option given the action the past few days (a sideways correction underway looks extremely likely).  The alternate ending diagonal wave count remains an option.  The size and duration of the correction developing since the last recovery high will help determine if the alternate count is a better choice.

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