Friday, March 23, 2012

Friday 3/23/12 Market Update

There is no change to the count from the last update on Wednesday. A corrective flat+zigzag double wave has a good chance of being complete at today's low. Notice that the wave lower beginning at [x] above looks like a 3-wave move and an impulse lower since the last recovery high has 2nd and 4th waves out of proportion.

The action to the last recovery high starting at [v] looks like a 3-wave advance. Because there are no good ways to describe an impulse wave from the February low to the last recovery high, the above count is still preferred. And as suggested above, short term action since the last recovery high now supports this view as well.

There is no change to the longer term count. An even longer term view is still available here.

I will be out of town for the next few weeks. I will do my best to get updates out during this time. They will likely be late.

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