Wednesday, April 27, 2011

Wednesday 4/27/11 Market Update

Shortly after the 12:30 Fed release, it was clear that the count in yesterday's update was not correct. The market extended higher forming what should be an impulse since 4/21. If it is not already complete, look for completion tomorrow.

The new impulse labellings for (i) of [iii] actually looks better than the last. The trend is still very much higher, but a multi-day pullback should correct the current swing higher. After that, the expectation is for an upward continuation of wave [iii].

An incomplete impulse higher since mid-March is the expectation. It should complete weeks or months from now. A new all time high, at least in the Dow Jones Industrials, should not be unexpected at this point, but the action since March 2009 looks corrective.

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