Wednesday, May 26, 2010

Wednesday 5/26/10 Market Update

The due to the sell-off near the close, the count has been changes slightly since yesterday's update. An unfolding double zigzag wave [ii] is suggested above.

Because only 38.2% of [i] has been retraced and the rally since 5/25 is quite small in time, a further rally to the 1110-1120 is still suggested. If the 61.8% retracement level shown in the 1st chart above does not act as support tomorrow, it is possible wave [iii] has already begun (this is the 1st alternate in the 1st chart). This is the crash scenario. The leg higher 5/25-5/26 may also be the wave (a) of a flat.

The larger view has not changed.

blog comments powered by Disqus