Wednesday, May 5, 2010

Wednesday 5/5/10 Market Update

The view presented yesterday has not changed, but there are numerous alternatives. The count presented in the 1 minute chart above is a guess that may or may not be confirmed. The view that B 0f (Z) of [2] is underway has not changed however.

Wave (c) of [y] may have begun at today's high, but was not marked above. In this case v of (c) should complete in the morning near today's low.

An expanded view can be seen above. If the suggest count is not correct, perhaps an impulse down since 5/3 is unfolding. An [x] wave triangle of a B wave double is also an option. This requires [y] to be a completing flat or triangle however. With many valid options, it is difficult to say what might unfold in the short term. However even if the market moves higher tomorrow morning, the market looks poised to move lower again, but perhaps only for a brief period.

The larger view remains unchanged.

I cannot guarantee an update tomorrow, but will do my best to get a late one out.

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