Monday, March 29, 2010

Monday 3/29/10 Market Update

The count remains unchanged since yesterday's post. A wave (iv) running triangle appears to be the most likely option. Otherwise the corrective waves seen over the past few weeks may be part of a ending diagonal or other sideways correction.

A 1 minute chart of today's price action is above. The gap at the open was probably part of a 3rd of a 3rd wave higher. An impulse higher at this stage works well as the (C) wave of flat [X] wave within c of triangle wave (iv); 'c' waves of triangles are usually more complex. There are some alternatives above.

A few other alternative are shown in the above chart. The ending diagonal suggested yesterday in orange dotted lines here is looking quite questionable. Prices should be moving lower with determination but has not been the case. Note that prices have not challenged the above lower channel line.

The larger view remains unchanged although the count is not particularity desirable. This larger channel line also remains intact. When what appears to be an unfolding impulse since 2/5 completes, there is a chance that primary wave [2] completes along with it.

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