Monday, May 3, 2010

Monday 5/3/10 Market Update

The count has not changed since Friday's update, see the 1 minute chart above. A completing [y] of B wave, and possibly a completing [x] of B wave, are the best options, respectively. An impulse higher that began at today's open appears to be unfolding. Because of the larger context, this is likely the 'a' wave of a larger corrective wave. In other words this is likely wave a of (b) of [y] and possibly wave a of (w) of [x].

An expanded view can be seen above. There has been what appears to be a clear flat following the wave A peak. Because of this and the reasons discussed in Friday's update, a flat or triangle wave [y] appears to be underway with the wave [x] possibility an alternate.

The larger view has not changed.

blog comments powered by Disqus