Thursday, May 19, 2011

Thursday 5/19/11 Market Update

The market continued higher today before stalling out. An impulse beginning at Tuesday's low should now be complete with a 2nd wave correction complete or underway.

The alternate count above is unlikely given the complex, corrective structure following the last recovery high with now significant retracement of that pattern. The rally should stop at 1360 if there is indeed a more bearish pattern unfolding.

A new recovery high should be ahead and with strong buying if the wave count is correct.

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