On Friday the count was [e] wave of Minor 4 with a downside target of 1287 - 1288
On Monday the market did have some downside and speculated we may have one more wave down to our target area. In fact we wound up posting 3 variations. The last count variation update was when it was realized the market was likely to bounce the next day and we have seen the short term low.
On Tuesday we did in fact have an upside day and pointed out that resistance at 1331-1333 SPX would be an obstacle. The Minor 5 upside count was first presented in this update.
On Wednesday it was presented as an a-b-c bounce that did in fact stop at 1331 resistance but later in the update it was realized that an upside impulse was likely at hand and would result in more upside
Thursday saw an immediate surge out of the impulse formation presented in Wednesday's late update. The primary count was switched to Minor 5 up due to price action and wave structure. The market then did in fact make higher highs on the Wilshire 5000 on Friday. We are holding this count as top priority unless key wave markers are broken to the downside
Another uncertain squiggle week as the market continues to operate within a 6 month + trading range. There was a lot of variation in the squiggle counts presented this week as the short term wave structure was and still is open to a lot of interpretation. However we are starting to get some clarity. For instance the NDX sports at a minimum, a completed wave structure from 2010. Yes it could extend but at the least we have identified a breakout wave 5 up complete with Minute wave degree. So we may assume the other indexes are certainly close to being in the same wave count more or less.
This week could be more the same. A big gap down Sunday would not surprise either that is how screwed up the basic fundamentals are with reality. The market is within spitting distance of a new P high and yet the world is awash in uncertainty and in
Last Wednesday we speculated the dollar was about to thrust down It appeared to have done so since.
Apple did not sell the news. At least not yet.