Sunday, May 16, 2010

Friday 5/14/10 Market Update

The chart presented here in Friday's intraday update still applies. A more detailed view in a 1 minute chart is shown above. There are many options, but it appears that an upward zigzag has unfolded since 5/6. This zigzag may be a second wave correction within primary wave [3], wave [b] (or part of wave [b]) of triangle wave B, or ending diagonal wave [i] of C. The latter option has been suggested because it works best in the larger context.

The downward series of waves since the last recovery high look corrective. However a great deal of the market A of (Z) of [2] wave was retraced.

The wave [2] correction may be complete, satisfying the alternate count shown. However the primary count above has far better proportionality between the waves. This count suggests wave C of (Z) of [2] has not yet completed.

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