Wednesday, March 10, 2010

Wednesday 3/10/10 Market Update

The market did not move lower today so the count has been changed as shown above. The larger context suggested in yesterday's post is still the same. The finer count above aligns well with advancing/declining volume and also adds a few degrees of symmetry to the overall picture (Within C and between A and C of (Z) of [2]). The overbought condition at this stage of an impulse seems a bit odd however. If the count is correct, certainly 1150 will be broken with 1200 a legitimate target in the S&P 500.

A closer view of what may be the core of C of (Z) of primary wave [2] is shown in the chart above.

Elliott Wave aside, the market from a technical perspective is in a position to top in the current price area. However the best count structure-wise that I can see is the one marked above. A less desirable looking count may be in play.

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