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Movement early in the week above 13,365.86 invalidated the wave count. The upwards movement clearly was not over and the wave count has been adjusted to allow for this.

The invalidation point is back to where it was a couple of weeks ago. The wave count is mostly the same and I have still the one daily chart with two hourly charts for you.

Click on the charts below to enlarge.

DJIA daily 2013

At the monthly chart level this wave count sees a common structure of a double flat unfolding at super cycle degree, and within the second flat primary waves A and B are complete. Primary wave B is a 139% correction of primary wave A.

From the end of primary wave B I have moved labeling up one degree this week. I may consider moving it up one more degree in coming weeks.

Upwards movement is an incomplete second wave correction for wave 2 blue which is most likely completing as a double zigzag structure.

Wave 2 blue may not move beyond the start of wave 1 blue. This wave count is invalidated with movement above 13,661.87.

Main Hourly Wave Count.

DJIA hourly 2013

Within the second zigzag structure of this double, labeled wave y pink, wave (b) green may be complete.

If wave (c) green began at 13,358.43 then it would reach 0.382 the length of wave (a) green at 13,561.

Wave (c) green must subdivide into a five wave structure, either an ending diagonal or an impulse.

While wave (c) green is in progress the second wave within it may not move beyond the start of the first wave. This main hourly wave count is invalidated with movement below 13,358.43.

If the main hourly wave count is invalidated then we may use the alternate below.

Alternate Hourly Wave Count.

DJIA hourly alternate 2013

If we move the degree of labeling within wave (b) green all down one degree it may only be wave a orange within it that is complete. Wave b orange may also be complete or it may yet move a little higher. However, it is already 156% the length of wave a orange which is comfortably over the maximum common length of 138% and so further upwards movement for this alternate has a very low probability.

If wave a orange and wave b orange both subdivide into threes then wave (b) green would most likely be a flat correction. At 13,299 wave c orange would reach 2.618 the length of wave a orange.

Wave (b) green may not move beyond the start of wave (a) green. This alternate hourly wave count is invalidated with movement below 12,884.43.