Tuesday, March 8, 2011

Tuesday 3/8/11 Market Update

Although not invalidated, yesterday's count has been changed to better reflect sideways action seen over the last week or two. No count is terribly clear at this point but there is perhaps a double zigzag wave (ii) unfolding. If this is not correct, then wave (b) of zigzag wave [iv] is a good option.

One reason for the bearish slant has been the corrective, choppy action higher. Second, every swing lower, including the most important decline that began at the last recovery high, has been an impulsive move.

Even if wave (i) as marked above is a 3, a complete correction is difficult to label. A better option, but not a great one, is a completing downward triangle that began at the last recovery high.

The count on a larger scale has not changed. A larger view of it can be seen here.

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