Wednesday, March 31, 2010

Wednesday 3/31/10 Market Update

A wave (iv) triangle is still the primary count, but it does not appear to be complete. See the chart above. There was an impulsive looking wave that retraced the majority of the preceding rally that began at the session lows. This rally was difficult to make out as an impulse. If the triangle is not unfolding, some other sideways correction probably is. Corrections are difficult to predict, so there are still many options.

The recent price action is contained nicely within two contracting lines. See the chart above. A larger sideways correction may be underway however.

As the above chart reveals, the larger view remains unchanged.

The market is closed Friday, April 2nd. The next post will be Friday.

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