Thursday, March 18, 2010

Thursday 3/18/10 Market Update

The count has been updated slightly since yesterday's post. Wave [4] of v shown above appears to have extended. These downward waves look corrective and do not appear to be impulse waves. There are a few alternate counts above.

Wave (iii) of [iii] should complete soon. At least one more minor high (perhaps wave [5] of v of (iii)) would look good technically; there would be negative RSI and MACD divergence. Of course the market is very overbought in the intermediate and longer terms.

A final chart showing what may be the larger count is shown above. Clearly on this scale the market is overbought.

The next post will be Sunday evening.

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