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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