Thursday, February 23, 2012

Thursday 2/23/12 Market Update

There is a slight change to the count from yesterday's update; wave [iv] has been moved forward for a flat+zigzag double. The market rebounded strongly from today's low. Waves to the downside since the last high on Tuesday now look quite corrective.

There is no change to any of the other longer term views. The count above for an impulse that began in December looks good, but it is possible the uptrend can continue for longer than suggested above if the core of the impulsive move was 2/3/12.

The action following October currently has a more corrective look to it than not. For more concrete reasons discussed here in the past, like the highly-corrective form of the October rally, with all things considered, the count above describes action very well since the last recovery high and March 2009.

A longer term view is still available here. It was posted May 2011, but is still very much valid. There is an almost 0% chance that an impulse down since 2007 is still unfolding.

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