Monday, March 15, 2010

Monday 3/15/10 Market Update

The channel line shown in the above chart was broken today to the downside. This appears to be either part of wave (iv) of [iii] or the entirety of wave iv of (iii) of [iii] (corresponding to the count in parentheses). These two possibilities are within wave A of (Z) of [2]. There are good arguments for each of them, they are both valid. It can go either way.

The decline since Friday's peak appears to have been a zigzag correction. Whether or not this is a wave within a larger wave (iv) corrective pattern remains to be seen. The launch higher after the zigzag's completion may be impulse wave v of (iii) higher. Again, there are these two good options to describe recent market action.

The larger picture has not changed. Some targets are given in the chart above but are only useful if wave iv of (iii) completed today.

A final daily candlestick chart is above.

There was a mistake made on yesterday's chart which has been corrected above. Also text in this chart posted yesterday should read "It looks like [5] was an extended..." rather than "It looks like (5) was an extended..."

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