Tuesday, March 15, 2011

Tuesday 3/15/11 Market Update

The count was changed in Monday's update suggesting a big down move today at the open. This happened but a substantial bounce ensued that actually crossed above yesterday's low. This action invalidated a "3rd of a 3rd" wave as an option today.

The bounce today once again resembled a corrective wave, but any move above today's swing high will likely bring bring a more bullish option to the forefront from at least a retracement standpoint.

With really no change to yesterday's labellings, a set of 1-2 waves lower is the primary count. An impulse lower since 3/3 can be counted complete, and is not a poor option given the complexity of i as marked above (the core of a complete impulse wave since 3/3), but waves loose proportionality with one another if this idea is correct. This is therefore an alternate count.

Following a significant top, the expectation is for a continuation lower beginning tomorrow.

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