Tuesday, March 22, 2011

Tuesday 3/22/11 Market Update

The market continued drifting lower today making many lower lows and lower highs. The pattern since yesterday's high is now quite wide in relation to the other corrective waves since the 3/16 uptrend began. For these reasons, the count is now a complete second wave correction since 3/16.

The advance since 3/16 has overlapping characteristics, but a winding down impulse is still a reasonable possibility. Crossing the 3/18 high will better solidify the bearish view.

There is no change to the bearish view or count in the longer term. Yesterday's update discussed in great detail the reasons for preferring this longer term count.

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