Thursday, May 13, 2010

Thirsday 5/13/10 Market Update

The count presented in yesterday's update has not changed, however many alternate counts are now apparent. A 1 minute chart detailing action since 5/6 can be seen above. The sell-off at the end of today's trading may be wave (c) of flat wave [iv]. This works very well with the larger count. The upper 1140s to low 1150s should act as support for the remainder of wave (c) if this is actually unfolding.

An ending diagonal wave marked above may have completed today. However since its first leg looks like an impulse, ending diagonals are usually the final wave of an impulse (in the context of the larger count using channels, an ending diagonal works best as charted in the first alternate), prices did not break down quickly after its completion, and the pattern is very wide, this pattern is only mentioned as an alternate.

Two other alternates (the bottom two listed above) are also options, however these have small 4th waves and do not channel well.

An more detailed view of recent market action, including the possible ending diagonal, can be seen above.

An expanded view of prices in a 15 minute chart is shown above.

The larger count remains unchanged.

The next update will be Sunday evening.

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