Friday, May 17, 2013
MTU Weekend Ed. - Traking Counts (5/17/13)
[green] (modified) Wave [iii] of 3 is itself extending, with the advance from the April low being only (iii) of [iii] of 3-up.
[black] (added) A less bullish count would place the extension with wave 5-up rather than wave 3-up. In this case, the advance from the April low is wave [iii] of 5-up.
[blue] (unchanged) SP500 is wrapping up final small-degree subdivisions of wave 5-up. Under this interpretation, squiggle level wave counts suggest that wave 5-up is very close to its end if not already there (See Chart 2 and Chart 3 on the Dow, which has offered better-formed waves in recent days). In any case, the upswing from the April low looks nearly complete if not already there.