Sunday, June 27, 2010

Friday 6/25/10 Market Update

With some slight downside action Friday, the minuette waves have been relabeled slightly to resemble Wednesday's update. Wave 3 still appears to underway however. In the shorter term, sharp corrective wave [ii] or (ii) of [i] should be underway. Exceeding 1085 is the first step for an unfolding zigzag family pattern corrective wave. If this is not correct, an alternate above with ending diagonal wave (v) completing now has been suggested.

A series of zigzag waves lower appears to have completed Friday. These waves work nicely within an ending diagonal as shown above. Prices should reach 1100-1110 or so in a rebounding second wave.

If the coming price bounce is not limited to the 1110 and then 1120 area, look for a new high as suggested in the above alternate. Considering the larger picture and the fact that price action does label well as an impulse lower (with more than 61.8% of the preceding wave retraced), in my estimation, 1130 will not be exceeded and the count suggested here will remain valid.

The larger views have not changed.

I will be on vacation beginning Thursday 7/1 this week, so there will be no update that day. I have not decided when the next update will be after this, but it will be before markets reopen Tuesday 7/6 the following week (markets are closed Monday 7/5).

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