Tuesday, April 26, 2011

Tuesday 4/26/11 Market Update

The market rallied considerably today which was a surprise; there is usually little market activity in the few days prior to a Bernanke news conference (which is scheduled for tomorrow).

The count has not changed since yesterday's update. A wave v impulse may be complete, otherwise only a brief move higher tomorrow is expected.

A partial retracement of the possibly complete wave (i) impulse wave is expected to begin tomorrow. The wave (i) subwaves are not entirely satisfying as an impulse however. If (i) is not an impulse wave but actually a zigzag, a wave [ii] flat is possible. [ii] already works well as a complete correction and the middle of (i) is a strong gap higher, so anything calling for the full retracement of [ii] is an alternate count.

The market should continue higher in the coming weeks and months. A new all-time high is possible.

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