Monday, February 27, 2012

Monday 2/27/12 Market Update

There is really no change to the count from Monday's update. The wave action over the past week or two is now a bit unclear with today's deep retracement of the Thursday-Friday advance, then new high. The count above is preferred, but not by a wide margin. The reason it is preferred is due to the structure of (v) of [iii], the complexity and pattern of [iv], and the structure of (ii) of [v].

The choppy waves rising in a wedging pattern suggest an ending diagonal may be unfolding. There are now several ways to imagine such a pattern, including a wave (v) of [iii] ending diagonal underway.

With little change to the waves, there is no change to the longer term counts.

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