Sunday, June 6, 2010

Friday 6/4/10 Market Update

Using the short term count presented in Thursday's Update, some modifications have been made above in the 1 minute chart. A wave [ii] completion makes the most sense from a wave perspective.

Following Thursday's high, an impulse lower may be unfolding. The labeled wave ii is odd given its shallow retracement however. On the other hand, the waves lower that followed this correction are already longer than wave i itself. This and the larger corrective nature of the waves since 4/25 bode well for this count.

Please note that the wave iii labellings above are a guess. If wave [3] of iii did not complete as shown, a wave iii completion is the next guess.

The count seems straightforward enough, but technically, it looks like a bounce is imminent. The TRIN closed at an amazing 12.46. A considerable bounce tomorrow morning seems likely given this, but it is difficult to believe this will be anything more than wave [A] or [W] of iv given the count.

Wave [ii] appears to be complete as a triple zigzag. It is possible wave c of (x) of [ii] is still underway if a wide flat (x) wave shown above as an alternate is correct. This still calls for 5 waves within c, and this still looks incomplete from the picture illustrated above. In my opinion, a zigzag lower from the last wave [ii] peak does not make sense in the larger context.

The larger view has not changed.

blog comments powered by Disqus