Wednesday, March 2, 2011

Wednesday 3/2/11 Market Update

The 2-sided action today works very well with the count from yesterday's update. Following the day's low around noon was a clear zigzag-looking bounce. This action supports the view that there is now a complete impulse wave lower since yesterday's high (wave i). It is possible that wave ii is complete as a single zigzag, but given its small size in time and distance, this correction can continue well into tomorrow's trading. A move under today's low that sticks is a bearish sign.

Prices should continue lower to complete at least a zigzag correction since the last recovery high.

The larger view has not changed. At least a pullback correcting action since late August is expected.

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