Sunday, February 28, 2010

Friday 2/26/10 Market Update

The count has been changed as shown in the chart above. The degrees have also been increased by one degree. If the double zigzag wave 2 count is incorrect, the alternate suggests zigzag wave 2 completed and was followed by an impulse lower before a flat correction. Both of these options are valid possibilities but unfortunately it is not yet clear which direction the market will take the next few days.

The 4th wave possibility suggested last week is also an alternate, but because of the overlap on the NYSE on 2/11 and 2/25, in my opinion the above options are better.

A more detailed view of the recent price action is shown in the 1 minute chart below.

Without more price information, Friday's sideways waves can be viewed in a variety of ways. After the impulse that began 2/25 completes, the intention of the market should be more clear.

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