Wednesday, March 16, 2011

Wednesday 3/16/11 Market Update

Labellings have been added above without changing the count shown in yesterday's update.

After today, the best count seems to be an impulse wave 1 of (3) lower with a flat correction following. This in and of itself is not a high probability however. If it is correct though, this is a very weak second wave bounce.

The view on a larger scale suggests lower prices will continue to develop with lower lows and lower highs. Since the last recovery high, or at least 3/3, it is difficult to label a complete wave at this time. The same can be said for the action since yesterday's swing high to today's low.

If the count is correct, there could be a major down day tomorrow. A completing sideways correction that began at yesterday's low is also an option, but in my opinion, not the best.

The larger view and count has not changed.

blog comments powered by Disqus