Wednesday, March 17, 2010

Wednesday 3/17/10 Market Update

A possible count is shown in the chart above with some alternates below. The breadth today looked slightly better than that seen yesterday (but remained worse than that seen 3/5/10). There was also a more satisfying looking "3rd of a 3rd" gap higher today from a wave perspective. Because of these reasons, a 5th wave should complete tomorrow. In my estimation, this will be wave [5] of v of (iii) (see the 30 minute chart below). Lower degrees are possible, but the bottom alternate looks like a remote change.

The chart above has been updated with some targets for v. Assuming the count is correct, when (iii) completes, wave (iv) will probably be a sideways correction (to alternate with the sharp wave (ii) correction) and should take at least one week to complete. It is possible wave (iv) already completed, but it seems far too small. The other alternate is a very unlikely possibility.

The larger view shown above has not changed. (XX) looks odd, but this count still looks like the best option. This bull market (primary wave [2]) should continue for months if this count is correct.

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