Wednesday, September 29, 2010

Wednesday 9/29/10 Market Update

As discussed in yesterday's update and earlier this week, an ending diagonal wave (v) of [c] of 2 is likely underway. It should terminate in early October perhaps in the lower 1160s.

At this time, wave iii of the diagonal is likely underway and may complete in the mid 1150s. Again 1159 should contain wave iii action. There may be a brief break below today's low, but the expectation is for the above trend line to hold with upward prices tomorrow before a wave iv zigzag correction.

In Monday's update it was stated, "prices should continue grinding higher into early October." At this time there is nothing present that will change this view. The market should remain overbought for several more days before a turn lower begins.

A corrective flat wave appears to be nearly complete. Please note that the the completion of wave [2] can be moved to an April level using the alternate count suggested here.

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