Thursday, October 21, 2010

Thursday 10/21/10 Market Update

With no change from yesterday's update, wave [iii] should continue with zigzag wave (y) underway. The rally since Tuesday resembles a zigzag with corrective waves following to today's low.

Wave [iii] is not yet proportional to [i] in width, so a completing wave [v] is listed as an alternate. Please be aware that any move higher beyond today's high will support the view of a complete ending diagonal wave C.

The rally should continue for at least one more week but probably more. The completion of the rally since March 2009 may not exceed the April 2010 levels. Something close to a double top is the expectation.

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