Monday, April 4, 2011

Monday 4/4/11 Market Update

There is no change to Friday's update. Wave (iv) of [v] should be a completing triangle (and possibly a flat) if it has not already completed as a double zigzag. The waves of today's sell-off suggests the decline is more complex than a single zigzag. Also, prices did not rebound particularity strong following what would be a truncated y of (iv) leg.

If the market continues higher, the wave count suggests there is a good chance that prices will stall at or near the last recovery high for at least a temporary double top.

There is no change to the longer term count.

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