Monday, March 26, 2012

Monday 3/26/12 Market Update

There is no change to the count from the last update. There is clearly an impulse higher unfolding since Friday that is likely winding down. This impulse is likely part of a larger impulse unfolding.

In the longer term, the best alternate counts are bullish ones. It is possible that wave 2 is not complete, but the structure of the rally since Friday suggests otherwise.

The best option is still a continued rally higher with additional recovery highs ahead. An impulse since November is likely unfolding but still looks incomplete.

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