Thursday, March 4, 2010

Thursday 3/4/10 Market Update

Prices did not break down today so the count has been modified as shown above. It is possible a final 4th wave is underway or has completed today. If this is incorrect, there are a few alternates listed above. Nothing is certain at this point.

The above chart has been updated to reflect the change. There is little room for the rally to continue unless primary wave [2] is still underway. If this is the case, the count in the below chart needs to be modified.

The unemployment report is due tomorrow at 8:30 am EST. Stocks may move strongly in one direction or another following this report. There may be a gap higher, but I doubt there will be much follow-through higher at this stage.

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