Thursday, April 15, 2010

Thursday 4/15/10 Market Update

The count remains unchanged since yesterday's update. An updated count is above. The wave that began 4/13 is now longer than the wave seen 3/8 through 3/13. Due to this and the strength and breadth of the rally Thursday, the primary count is a completing impulse higher that began 3/31.

A more detailed look at the previous 3 days of prices can be seen above. Waves are very unclear after the gap higher Thursday, but a set of upward waves winding down an impulse looks like the best option.

If the count is correct, wave [4] should continue and will probably complete tomorrow. Its developing pattern is not clear. 4th waves usually reach the territory of the 4th wave of the preceding 3rd wave however, so 1207 or lower may be reached.

The intermediate view above has not changed. The lost divergence on the RSI and MACD indicators work well with the overall count. In my estimation wave (v) of [iii] is underway, but it is possible wave [v] is now completing following a wave [iv] triangle. This is the next best choice.

The larger view remains unchanged.

The next update will be Sunday evening.

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