Thursday, May 27, 2010

Thursday 5/27/10 Market Update

The count has changed little since yesterday's update. A 1 minute chart is above. The double zigzag corrective wave [ii] that began 5/25 appears to be nearing completion. It looks like the point of recognition wave of c of (y) is already unfolding. The rally that began near yesterday's close charts very well as a zigzag.

The 1110-1120 target area suggested earlier this week still looks valid; there is a confluence of targets around the 1115 area, so this is the best guess at a more precise level.

The intermediate view remains the same. Notice the inverse head and shoulders pattern with 1140 target. Volume was weak today and did not expand, so the target is suspect.

The larger view has not changed.

The next update will be Sunday evening.

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