Wednesday, May 19, 2010

Wednesday 5/19/10 Market Update

The options and view iterated in yesterday's post has not changed. The favored count is still a completing ending diagonal wave C of (Z) of [2] for the reasons presented yesterday.

Wave [ii] of this ending diagonal may have completed today near 1100. There may be a retest of today's lows if the alternate count presented in the chart above is correct.

The initial waves higher following today's low look corrective, but must be an impulse or zigzag wave due to the second high that was formed just before the close. So an impulse higher in this position is not out of the question and actually looks like the best of the two options.

The larger view remains unchanged.

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