Monday, June 6, 2011

Monday 6/6/11 Market Update

The market continued lower today following the short term count in Friday's update. An unfolding impulse that began earlier this month is still the primary view.

The view is now an impulse lower since the last recovery high as described above. With April support being broken and an incomplete short term count, prices should continue lower to test the March lows. The most simple and proportional count appears to be a sideways correction since February.

Given the width of the proposed sideways correction since February, a substantial impulse higher may be beginning later this year. The count above has been modified, but there are no high probability options at this time.

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