Wednesday, May 18, 2011

Wednesday 5/18/11 Market Update

The market rallied today. There is now a very corrective appearance to the structure since the last recovery high. It is difficult to visualize any impulsive count lower.

While the short term count has changed since yesterday's update, the start of a wave to new recovery highs beginning near the low reached yesterday was the expectation.

Although its degree may be too large, a clear impulse since yesterday's low should now be underway.

Wave 2 of (3) was quite wide, but the retracement level and complexity of this wave in relation to size is in line with expectations.

The labels after (y) in yesterday's 1 minute chart were too low by one degree.

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