Market Update - 9/13/2010

Technically speaking, this can still be wave [ii]. However the probability seems pretty low given the strength we are seeing. There is a very good chance that we may in fact break 1130. The overall count has most likely changed.

The new count says that we have been in Minor wave 2 since the bottom in early July. Since then, we have had wave [a] which took us to 1129, wave [b] which took us back down to 1040, which was also our most recent low and now we are in the midst of wave [c].

Minor wave 2 does look lengthy in terms of the size of wave 1, but the count is not wrong. A break above 1130 could take us to 1145. It will be very key to see how the market reacts if it is to make it to that pivot.

The alternate is still right, but I am not in favor of it. The alternate is that this is wave [ii] and wave [iii] down should start now. There is no evidence of this, yet.

The daily charts show a better picture.