Monday, June 13, 2011

Monday 6/13/11 Market Update

The corrective pattern lower that began Thursday may have completed today as a double zigzag.

The count has essentially not changed since Friday's update, but the "or" labellings are now preferred. A wave 4 flat or triangle should be underway.

It is possible to label [v] incomplete as an ending diagonal, but keep in mind wave [iii] was shorter than wave [i]. So length considerations and the fact that ending diagonals of this size typically form at larger bottoms make it a poor option. The ending diagonal count became a poor option after wedging was lost at today's afternoon high.

A flat since February is the primary count.

blog comments powered by Disqus