Tuesday, February 23, 2010

Tuesday 2/23/10 Market Update

The count presented yesterday has not changed. Flat wave iv of (c) of [ii] appears to have completed today. If this count is not correct, wave [ii] already topped.

A 1 minute chart is above. Because the alternate count would require either questionable iv and v waves or a set of questionable first and second waves, I believe a flat has unfolded. But because a flat's 'c' wave is 5 waves, we cannot be certain whether the 5 waves down was the last wave of iv or the beginning of [iii]. If a flat did unfold, it fits well into the larger picture as the chart below shows.

Since 2/11, it appears that there have not been 5 waves up yet.

Assuming that wave iv actually unfolded today, note that the recent decline was longer than the distance i traveled. Because of this, the normal wave v target will probably be surpassed; typically fifth waves are about the same length as the 1st wave of same degree that came before it (impulses tend toward symmetry). Some extensions are shown above.

One final chart is above.

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