Tuesday, June 15, 2010

Tuesday 6/15/10 Market Update

There are no changes to the count presented in yesterday's update. A 1 minute chart is above. Labellings for wave (v) of flat wave [c] of 2 that appears to be underway are suggested above. It appears that there will be one more advance in the form of wave v of (v) tomorrow to a level near 1120. My guess is a small wave iv pullback before that advance however. Wave ii was brief, so this wave may also be.

With the filling of the gap in the 1115 area, more than 50% of 1 has now been retraced. The 61.8% retracement level may be reached, but prices should fall quickly thereafter. Prices will likely close lower tomorrow no matter the level reached in what appears to be a final advance within corrective wave 2. If prices hold above 1120, then the count is likely incorrect and primary wave [2] is still underway.

The larger view has not changed. Volume has waned since the bounce 6/8 began (not shown).

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