Thursday, July 8, 2010

Thursday 7/8/10 Market Update

The labellings of [i] and [ii] have changed since yesterday's update, however the view that wave [ii] is completing as a double zigzag has not changed. The count presented above is not the best looking (nor are any other of the alternatives), but is generally pleasing.

Looking at the small wave structure and Fibonacci targets, wave [ii] should complete in the 1075-1085 area with a smaller chance of 1085-1090 and even 1095 being reached. This is a slight revision of yesterday's 1065-1080 target.

A 1 minute chart is above. It appears that wave a of (y) is complete or nearing complete. The final level for (y) should not even be close to equality with (w) because of this. There should be clear momentum loss to the upside with wave [ii] possibly completing tomorrow (unless rare triple zigzag is actually unfolding).

An alternate count is an impulse wave (a) of [ii] higher beginning 7/6 that is nearing completion.

A few unfilled gaps lie ahead of the current price level. The ~1074.57 gap should be filled without difficulty, but the smaller gap at 1090.93-1092.04 may not be filled.

The larger view has not changed.

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