Wednesday, March 23, 2011

Wednesday 3/23/11 Market Update

The market crossed the 1288 area today just after the open, but made an upward impulsive rebound. As shown above, an impulse that nearly exceeded Monday's high can be counted complete. The count is now a more simple double zigzag since 3/16.

Unless the market is winding up for a complex upward impulse wave higher since 3/16, a correction higher since that time is the best view considering the overlapping action.

There appear to be two impulse waves lower since the last recovery high. If there is a correction higher forming or complete since 3/16, at least a double zigzag lower since the last recovery high is a good estimate of future action.

Due to the reasons discussed earlier this week, a complete zigzag since late August is the primary view. Since the last recovery high, impulsive waves lower should continue.

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