Thursday, March 31, 2011

Thursday 3/31/11 Market Update

There is little change to yesterday's update. The market should be correcting as a zigzag within wave iv of (iii) of [v] in an impulse that began 8/31/10. Wave ii was sharp but iv is already wide enough to qualify as a zigzag correction, so it is not clear if iv is only a single zigzag of something more complex (a flat is the best sideways choice). Since simplicity is favored, a wave iv zigzag is the best view but not by a large margin. Corrections are difficult to predict.

The upward rally that began 3/16 appears to be losing momentum. A clear impulse as illustrated above should be winding down.

It is difficult to see any corrective move up over the past several weeks. There is an off chance that an upward flat is completing within a downtrend that began at the last recovery high.

There is no change to the larger count.

blog comments powered by Disqus