Friday, December 27, 2013

Friday 12/27/13 Market Update

The primary wave count remains unchanged from the last update one week ago.  The bullish case for an impulse wave unfolding following the 2009 low grows better and better with each new all-time high however.  The next chance for a significant top is when an impulse wave since the 8/30/13 low completes.  This would give a zigzag wave beginning in 2009.  If there is another surge beyond this, the possibility of a top forming is not ruled out, but its probability will likely be lowered significantly.

Given the wave action that preceded the November low, an impulse higher is likely unfolding since that time.

There is a good chance that wave 3 of (5) is still underway.  If the wave labelings for this wave are incorrect, the next best estimate is a complete wave (5).

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