Thursday, June 2, 2011

Thursday 6/2/11 Market Update

The count has not changed since yesterday's update. The sell-off continued today, but a bounce also ensued. An impulse as described above should be complete as wave [i] of C or C.

Given the energy consumed in the last swing lower and market support, a complete wave C is the preferred view. Given the current retracement level of (1), a continued correction within the parameters of the suggested count is possible.

The market seems oversold at this time using a variety of indicators. Using just the wave count, a new recovery high should be in the cards.

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