Wednesday, March 24, 2010

Wednesday 3/24/10 Market Update

It appears that b of (iv) completed yesterday. The choppy waves seen today appear to be waves within c of (iv). See the chart above. An expanding flat or running triangle were both good options for (iv), however since impulse waves down are not unfolding, an expanding flat is no longer a likely option. Wave b counts well as a completed wave and is probably not extending.

A wide wave (iv) will be a satisfying correction given the chart above. A wave (iv) double is also an option. If so, a wave w zigzag wave completed with what would be a triangle or flat y wave underway (assuming x completed as a zigzag). Doubles are not as common as single wave corrections, so this is an alternate count.

The larger view has not changed. The count is not desirable, but seems to be a reasonable option. There is a chance the count is incorrect and the impulse beginning 2/5 will complete [2] when complete.

The next post will probably be Sunday 3/28/10. I will be out of town until then.

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