Wednesday, February 12, 2014

Wednesday 2/12/14 Market Update

There is no change to the wave count from the last update.  The waves today look corrective and suggest more upside to come.  The action is a bit wide, but a continuation higher seems most likely given the action today and other possible wave counts for the rally higher since 2/5.

A flat higher as alternate' depicts is possible, but this pattern is a bit odd looking.  A complete impulse higher since 2/5 also does not look complete.

There can be a zigzag higher underway since 2/5, but [4] already looks sufficient in size relative to [2].  These corrections also alternate between sideways and sharp corrections which is typical.

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