Thursday, April 7, 2011

Thursday 4/7/11 Market Update

Today was a largely uneventful day from an Elliott perspective despite the wild movements in both directions. The most notable thing today was a zigzag to new lows following the high above Friday's wave (iii) top. This is a good indication that wave (iv) is still underway. The count is very unclear however.

The short term action is not clear, but a completing sideways correction is still the best estimate within an impulse that began 3/16.

The trend is still very much higher, but there is clear momentum loss. The count has not changed since yesterday's update.

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