Thursday, March 24, 2011

Thursday 3/24/11 Market Update

The double zigzag count since 3/16 has not changed since yesterday's update.

The impulse higher that began yesterday appears to be incomplete. There are a variety of counts that can be used to describe it, but perhaps the best choice is above. There is momentum loss on the rally, so it should be ending soon.

After the impulse described above completes, it will be very important for prices to move lower immediately to preserve the count. If prices hold higher tomorrow, this is a good indication that wave [v] of C is unfolding within an incomplete rally since March 2009. In that case, an impulse since 3/16 is underway with "3rd of a 3rd" wave unfolding since yesterday's low.

For reasons described in Monday's update, the long term count described above is the preferred view at this time.

Have a nice weekend!

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