Tuesday, May 31, 2011

Tuesday 5/31/11 Market Update

Since Friday's update, there is no change to the count. The market may be drawing out impulse wave 1 of (3) higher as described above. If this is correct, it will take several days before wave 2 begins. The market should continue higher this week.

The downward action since the last recovery high looks quite corrective. If prices start moving lower and do not continue in an upward direction, in the ending diagonal position a 3-3-3-3-3 leading diagonal is possible. A motive wave like this is likely part of [B] given the action since the March low.

As suggested here for weeks, a new recovery high is likely.

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