Tuesday, April 12, 2011

Tuesday 4/12/11 Market Update

The count has not changed since yesterday's update, but given the lower prices today, it is a not a high probability. There is still a fairly clear corrective structure lower, but a follow-through to the downside tomorrow is a bearish sign. A move above 1323 is bullish.

The wave structure over the past 2 weeks works best as described above. This does not make a complete top impossible though; in fact on the above and larger scales, a top looks like the best option.

Unless prices break down quickly, another recovery high should be reached this month.

blog comments powered by Disqus