Sunday, February 27, 2011

Friday 2/25/11 Market Update

There is no change to the count since yesterday's update. The market rallied Friday to complete what may have been an impulse that began at Thursday's low. This bounce should be part of a completing zigzag family corrective wave.

The best count is a complete impulse since late November. Considering proportionality and wave crossing, the correction that began at the last recovery high is likely a correction of at least the impulse shown above. There should be a continued pullback.

The longer term count has not changed. There should be an impulse or zigzag higher since the 2010 summer months which implies a continued pullback for weeks more. An alternate is a 4th wave underway that began at the last recovery high.

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