Monday, April 5, 2010

Monday 4/5/10 Market Update

The count remains unchanged since Friday's post, see the chart above. A completed wave (iv) double is also an option. Wave w would be a zigzag and wave y a triangle if this count is correct. The less complicated wave (iv) triangle still works well, so the count has not changed.

The market rallied this morning before sideways consolidation followed. A detailed count is shown in the chart above. The breadth of the rallies since the "3rd of a 3rd" wave 3/5/10 has been diminishing. This works well with the larger count.

The consolidation today is quite shallow, but still should be part or all of wave iv of (v) of [iii]. Shallow or sideways corrections are typically the 4th waves of impulses. Wave iv in this position works well with the larger count.

The same targets suggested Friday are still valid. ~1195 looks like the best level.

The larger view remains unchanged.

blog comments powered by Disqus