Sunday, March 27, 2011

Friday 3/25/11 Market Update

As discussed in Thursday's update the count would change if the market would continue higher, then hold higher. This is exactly what happened Friday. The count is a now a completing wave C of (Z) within the rally since March 2009.

Wave [iv] should be a complete zigzag with [v] underway. Since [iii] of C was shorter than [i], [v] must be shorter than waves [i] and [iii]. Considering this and the action since 3/16, the core 3rd wave of [v] may be complete as labeled above for an impulse to complete not far beyond 1350.

Wave [3] of iii of (iii) of [v] can be labeled as shown above. Wave [4] will likely be sideways for alternation with [2] and may take several more days to complete.

The longer term count since March 2009 can be seen above. The labellings since late August are not particularity desirable, but there is little to no choice given the persistent rally last week.

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