Wednesday, June 2, 2010

Wednesday 6/2/10 Market Update

The count has changed since yesterday's post; the alternate incomplete (x) of [ii] wave suggested then is now once again the primary count. Wave [ii] may be a double zigzag or double, but a double zigzag makes the most sense in the context of a second wave.

A triangle in the (x) wave position, as shown above looks like the best count; the labeled triangle legs chart best as zigzag family waves. This includes today's rally which in my opinion works well as a double zigzag and better than an unfolding impulse. The triple zigzag suggested above in parenthesis lacks proportionality but is a possibility. All other corrective corrective counts bend a variety of guidelines.

The the (x) wave triangle idea is correct, (x) should complete tomorrow. Wave e of (x) need not reach the lower triangle line.

Unfortunately due to computer issues there will be no 1 minute chart today. But the general idea was presented by Dan today here (the count not in boxes).

The larger view remains unchanged.

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