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Movement above 13,661.87 invalidated the main wave count and confirmed the alternate wave count. At that stage more upwards movement was expected.

This week I have just the one wave count at the daily and hourly chart levels. The wave count has not changed for the monthly chart level with the exception of the structure of primary wave B.

Click on the charts below to enlarge.

Monthly Wave Count.

DJIA monthly 2013

This is the main monthly wave count.

At grand super cycle degree a double flat or double combination may be unfolding.

The first structure in the double is complete as an expanded flat correction labeled super cycle wave (w) (olive green).

The double is joined by a three in the opposite direction labeled super cycle wave (x) which is a zigzag.

Super cycle wave (y) would most likely be a flat correction but may also be a triangle.

Within super cycle wave (y) cycle wave a is incomplete and itself is unfolding as a flat correction. Within it primary wave A subdivides into a three wave structure, a zigzag, and now primary wave B is completing as a single zigzag, within it intermediate wave (C) is an ending contracting diagonal.

Primary wave C is extremely likely to make a new low below the end of primary wave A at 10,404.49 to avoid a truncation and a rare running flat.

Daily Wave Count.

DJIA daily 2013

The final wave upwards, wave 5 blue, within the ending contracting diagonal of intermediate wave (C) is incomplete.

Wave 5 blue must subdivide into a zigzag. Within wave 5 blue wave (iii) green is probably incomplete. When it is complete we should see a correction for wave (iv) green which may not move into wave (i) green price territory. This wave count is invalidated with movement below 13,447.11.

Because the diagonal is contracting wave 3 blue is shorter than wave 1 blue. Wave 3 may never be the shortest wave and so wave 5 blue has a maximum length of equality with wave 3 blue at 14,098.27.

Use the upper trend line of the diagonal drawn here from the highs of waves 1 to 3 blue as a guideline for resistance to upwards movement. Wave 5 blue may end at this trend line.

Hourly Wave Count.

DJIA hourly 2013

Within wave c pink of wave 5 blue the structure is incomplete. Within it wave (iii) green also looks incomplete and so more upwards movement should be expected.

Within wave (iii) green wave iii orange is just 1.07 points longer than 1.618 the length of wave i orange. At 14,049 wave v orange would reach equality with wave i orange.

Wave iv orange may not move into wave i orange price territory. This wave count is invalidated with movement below 13,546.37.