Sunday, March 20, 2011

Friday 3/18/11 Market Update

There is some change to the count since Thursday's update. A completing 2nd or 4th wave within a larger downtrend is still the primary view however. Because of the complexity of the downward wave since 3/3, a completing wave (iv) is the primary view. (iv) should be a sideways wave since alternation is typical within impulse waves.

(iii) is not particularity appealing because of proportionality within [3] of iii, proportionality between ii and iv, large retracement of [1] of iii, and lack of alternating waves, but the large amount of waves within (iii) make the count a good option. The problems are only resolved if the odd alternate above is correct and this is clearly out of proportion and unusual itself.

The upward action is not clear, but is likely a zigzag family pattern of some kind based on the larger count above, and the overlapping, choppy action. The expectation is for higher prices tomorrow, but wave b of (iv) should start soon.

The larger view and count has not changed. If all the options listed here are false, look for wave [v] of C underway in a larger uptrend following zigzag wave [iv].

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