Saturday, March 17, 2012

Friday 3/16/12 Market Update

There is no change to the count from the last update. Action higher since Wednesday is difficult to label, but it is likely part of a larger impulse higher unfolding.

A possible top to the impulse higher that began 2 weeks ago may be coming to a conclusion this week, but this is not the preferred view when considering the longer term count.

A winding down impulse since November initially looks like a good option. But since waves are usually balanced, the expectation is for c to continue higher until it is better proportioned with a. Whatever the case, there are a number of reasonable options for counts since November.

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