Tuesday, May 3, 2011

Tuesday 5/3/11 Market Update

The market continued lower today within what should be a nearly complete swing lower.

The alternate count in yesterday's update is now being used. An impulse higher that began last month appears to be complete. Because it is the most simple view, this impulse is labeled as wave (3). 3rd waves are usually longer than 1st waves, so keeping an open mind at this point is important.

In the short term considering the most simple view, a double zigzag wave A of (4) is the primary count. If this is correct, ~1345 should provide good support tomorrow.

The larger view has not changed.

blog comments powered by Disqus