Thursday, March 11, 2010

Thursday 3/11/10 Market Update

The count has been modified slightly since yesterday's post, but the larger picture seen in the linear daily candlestick chart above has not changed.

The best two options appear in the chart above (the primary labellings and the count in parenthesis) with an alternate below. The primary labellings were chosen so the 3rd waves within (iii) of [iii] of C of (Z) of [2] are longer than the 1st waves of same degree that came before them. This is usually how impulses unfold. The count in parenthesis is also valid, but wave i of (iii) would be longer than iii of (iii). There are good arguments for both counts and both are very good options. It can go either way.

The alternate above is still an option but remains questionable. Because this is a possibility, there is a small chance primary wave [2] completes tomorrow or in a few days.

There appears to be a nice wave [iii] Elliott channel forming since 2/12. The top of this channel may be reached tomorrow before another correction ensues. This correction should be either wave iv of (iii) or wave (iv).

A closer view of recent price action is above. Prices fit well within a channel, but they can fit just as well if the parenthesis count suggested earlier is correct.

A closer view is above. A clear impulse started forming near the close. In my estimation, this wave will be limited to the mid 1050 area as the wave [4] triangle target suggests. This works well with the wave [iii] Elliott channel suggested earlier.

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