Wednesday, February 22, 2012

Wednesday 2/22/12 Market Update

There is no change to the count from the last update. Wave [iv] appears to be complete as a flat. The market must move higher tomorrow after the open to preserve the short term view. If today's low is taken out, a correction within the uptrend that began in December is still likely underway.

The market is clearly still in an uptrend, but it is losing momentum as this swing higher grows more established. The count above for C works well with the action, but the core of the move can be pushed forward to a later date in time.

C is growing less proportional to A as the market climbs. In other words the count for a double zigzag higher since October is less probable with each new short-term high made. Because the October rally is clearly a zigzag and the alternative triangle or other sideways corrective count since March 2010 has many problems, there is no change to the long term view illustrated above.

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