Wednesday, December 18, 2013

Wednesday 12/18/13 Market Update

The primary wave count has been changed to somewhat odd alternate''' from the last update.  But regardless of what is correct in the bigger picture, there is now likely an impulse underway that began at the 8/30/13 low.

The rally from the 2009 low can still be an impulse, but a zigzag-family pattern is still preferred so the 1999/2000-present rally looks more proportional to the 1920s-1930s decline and sentiment changes to something more negative.

The best alternate choice in the near-term is an ending diagonal unfolding since the 11/7/13 low.  But as discussed in the past, there are significant proportionality problems with this wave count.

The rally underway from today's low should continue to new all-time highs.  The wave seen today was likely the majority of 1 of (5).

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