Thursday, March 17, 2011

Thursday 3/17/11 Market Update

With the rally today, the count illustrated in yesterday's update has not been invalidated, but the count has been changed as shown above to better reflect the action. A sideways 2nd or 4th wave within a larger downtrend should be completing now.

Given the zigzag to yesterday's new low and impulse higher following that, a sideways correction since 3/15 should be underway. It is not clear if this correction is a flat or triangle (a double is also a possibility), but a downward impulse wave since the last recovery high or since 3/3 appears to be underway.

The larger count has not changed.

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