Wednesday, April 21, 2010

Wednesday 4/21/10 Market Update

The wave count has not changed since yesterday's update. A detailed view can be seen in the above 1 minute chart. It appears that zigzag wave (b) of [a] or [w] of B, or zigzag wave [b] of B is underway. The best alternate is ending diagonal wave [v] of A underway. The unfolding pattern is not clear, but corrective waves should continue.

A downward double zigzag may have completed a correction since the peak today. It is possible this wave is only the 'a' wave of a more complex correction. One final zigzag lower to complete a triple zigzag is also a possibility.

A larger view is illustrated in the above chart.

The wave count within the rally since March 2009 remains unchanged.

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