Wednesday, February 29, 2012

Wednesday 2/29/12 Market Update

There is no change to the count from yesterday's update.

The market has traced out a zigzag-like wave following the low on Monday. An ending diagonal may be underway since the Monday low, but this wave can also be the 'b' wave of a downward correction.

Because of the complexity of [iv], the count above is favored rather than the shorter-term alternate. There is still a lack of clarity in the uptrend since December, but the count above works well with technical considerations.

The longer term view remains unchanged. The two best counts for a downward correction within the uptrend since March 2009 are marked above by a primary and alternate (that is a flat and triangle, respectively).

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