Tuesday 5/24/11 Market Update

There are various ways to count the action since last week's high. A double zigzag wave [v] may nearly be complete as described above.


There is still a valid wedge pattern since the last recovery high. Moving under 1306 may mean the ending diagonal suggested above is smaller than the actual one unfolding. The most simple view is the one shown above however, with clear zigzag-family [i] and [iii] legs.


There is still an uptrend in place with higher highs and higher lows.