Thursday, April 29, 2010

Thursday 4/29/10 Market Update

The count remains unchanged since yesterday's update. An updated count is shown in the chart above.

The gap higher today appears to be a 3rd wave of some degree; prices broke out of the base channel above (in gray) with more than 61.8% of [c] of B retraced at today's highs (61.8% retracement was ~1505). The shallow consolidation that followed certainly works well as a 4th wave. A triangle is labelled that may or may not be complete.

A larger view can be seen in the the chart above. Wave B may be complete, but a larger unfolding correction is still an option.

The larger view remains unchanged.

The next update will be Sunday.

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