Sunday, June 5, 2011

Friday 6/3/11 Market Update

The market made a new corrective low Friday. With the exception of the short term, the count has changed little since Friday's update, but it is unclear at this time what the true count is.

It is difficult to see a 5-wave structure developing to the downside since the last recovery high unless there is a strong sell-off this week. A zigzag structure seems more likely.

The ending diagonal wave [5] idea is looking like a poorer option every day. If the March lows are challenged, the triple zigzag count since March 2009 may become the best option. There are many options to consider at this point. Nothing is standing out as a great count at this time.

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