Monday, June 7, 2010

Monday 6/7/10 Market Update

Some minor modifications have been made since Friday's update, but little has changed. Wave (i) of [iii] appears to be winding down as the 1 minute chart above indicates. Tomorrow morning should mark the beginning of wave (ii). This will likely be a zigzag family correction that rallies beyond 1070.

There should be moving average compression soon when (ii) begins. Right now, an impulse lower since 5/3 looks very reasonable. The same goes for [i] that preceded the current sell-off.

The larger view remains the same.

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