Thursday, April 22, 2010

Thursday 4/22/10 Market Update

A detailed view of recent market action is in the 1 minute chart above. The view expressed in yesterday's update has not changed; corrective waves with wave B of (Z) of [2] may be completing. The structure of what appears to be a large unfolding corrective pattern is not clear but a triangle or flat are still good options. The same alternates suggested yesterday remain.

A impulse wave higher that began at today's lows may be nearing completion or may be complete. A new but brief recovery high tomorrow is very possible.

A 30 minute chart is above with some alternates labeled.

The larger view remains unchanged.

The next update will be Sunday evening.

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