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.
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