Wednesday, April 28, 2010

Wednseday 4/28/10 Martket Update

It appears that a flat that began 4/15 completed today. This is still labeled as wave B of (Z) of [2], or [a] or [w] of B if B is extending, so the count has not changed since yesterday's update. Details of the 'c' wave of this flat can be seen in the 1 minute chart above.

The magnitude and form of the rebound that is currently underway will help us determine if B is complete or extending. So far it looks like an impulse wave higher has unfolded off of today's lows. This wave may be part of a larger impulse, or part of a larger correction.

The count and alternatives shown above have not changed since yesterday's update.

The larger view remains unchanged. Wave B does looks small but is comparable to wave B of (W).

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