Tuesday, April 20, 2010

Tuesday 4/20/10 Market Update

The expanding flat (b) wave suggested in yesterday's update no longer appears to be valid. Following a zigzag wave 4/15-4/19, an impulse wave higher beginning yesterday looks like the most likely option. A 1 minute chart is above.

A larger view is illustrated above. Due to the likelihood of a completed wave A of (Z) of [2] (or possible wave [iv] of A underway), the impulse wave higher beginning 4/19 is likely wave 'a' of an upward zigzag within what is probably a larger downward correction; in the context of the larger picture, there are no good ways to figure a completed correction of any significance completing 4/19. This zigzag may be wave (b) of [a] or [w] of B, or wave [b] of B. The degree is not certain, but B may be a completing sideways correction. An ending diagonal wave [v] of A higher is also possible (not shown).

The larger view remains unchanged, but of course the alternate is still an incomplete wave A.

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