Wednesday, April 13, 2011

Wednesday 4/13/11 Market Update

Unfortunately I only have time for a short update today.

The market reached yesterday's low suggesting the market is still in a short term down trend. An impulse lower since Friday is the best estimate of recent action.

The count is now a complete impulse wave since 3/16 within a market trending higher. There are many ways to describe action since summer 2010. An impulse since 7/1 may be complete as wave A of (Z). If this is correct, wave [i] of C should be complete with [ii] of C underway. The market rally can also be labeled complete with a truncated wave. The form of the decline underway should give us clues to the market's direction in the near future.

There will be no market update tomorrow. The next update will be Sunday 4/17.

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