Monday, March 7, 2011

Monday 3/7/11 Market Update

The count has not changed since yesterday's update. As illustrated above, another impulse lower was likely drawn out today after a short move higher in the morning. The choppy rebound suggests a continuation lower tomorrow.

The labellings since the last recovery high may be too low by one degree. It is also possible that a 3rd wave is underway. Whatever the case, more impulse waves lower should develop.

As discussed in earlier updates, the features of the decline and bounce following the last recovery high suggest a continuation lower for at least a 5 since Thursday's high. From what the market has showed thus far, there is a good chance of at least this happening.

Unless a 4th wave or 'b' wave of the advance since late August or early July is underway, the count is suggesting a more substantial move lower.

blog comments powered by Disqus