Thursday, June 24, 2010

Thursday 6/24/10 Market Update

The impulse labellings since the 6/21 peak have been modified since yesterday's update, but the best count is an impulse lower from that high that is close to completing if not already complete. This may be wave [i] of 3 although it may also be wave (i) of [i] of 3. At this time neither of these options impact the structure.

The waves following yesterday's low do not count well, but the larger structure looks sound.

Wave [ii] should begin in earnest at any moment. Somewhere within the 50-61.8% retracement levels is a good target for this wave. It should complete early next week.

More than 61.8% of the rally from 6/8 to 6/21 has been retraced. If a correction since 6/21 is unfolding, prices should reverse now before eventually exceeding the 6/21 peak.

There is significant positive divergence on the 15 and 30 minute RSIs.

The larger view has not changed. Wave 3 should take weeks more to complete as a powerful sell-off.

The next update will be Sunday evening.

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