Monday, March 12, 2012

Monday 3/12/12 Market Update

There is no change to the count from Friday's update. The correction that began on Friday may be complete but it will be difficult to tell if this is the case until the resistance above is broken.

In a similar looking structure, wave (2) may be complete, but is possibly an incomplete flat correction. Since the labeled wave 1 of (3) above strongly resembles an impulse and has already nearly reached a new recovery high, the most probable view is that the correction lower that began 3 weeks ago is complete.

In the longer term, there are many ways to describe the impulsive action since the November low.

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