Wednesday, June 23, 2010

Wednesday 6/23/10 Market Update

There is little change since yesterday's update but the options suggested have been rearranged with some preference to the main labeling above. Both are still valid options and mean the same thing; lower prices within the early stages of a completing wave 3.

The price action following the morning low seems to be a correction of some kind. The labeling above is a zigzag with a triangle b wave completing now. This triangle seems to be the best and most simple way to capture and utilize all the small sub-wave moves. My guess is that prices will not move much beyond 1102 in wave c if this pattern is correct.

A larger view with retracement levels can be seen above.

1090 was broken to the downside today, but prices did not hold beneath that level. The waves moving upward today look highly corrective, so another break below 1090 should be approaching soon. If prices hold below 1090, this is a bearish sign.

The larger view remains unchanged.

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