Wednesday, April 14, 2010

Wednesday 4/14/10 Market Update

The count has been modified since yesterday's update. Although 1204 acted as resistance, the wave (v) of [iii] ending diagonal count did not play out. Today was a relativity large up day (compared to that seen in the past days/weeks) with good breadth. Several base channels were also broken to the upside. Due to these developments, the count is now a completing wave (v) of [iii] impulse wave. A detailed view can be found in the chart above.

It appears that wave [3] of iii of (v) is nearly complete, so a sideways consolidation period for much of tomorrow should be expected.

Some technical divergence was lost today. This can be seen in the RSI and MACD indicators above.

The larger view remains unchanged.

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