Monday, March 5, 2012

Monday 3/5/12 Market Update

Given the short term support that was taken out today, the count has changed since Friday's Update. An impulse lower appears to be unfolding since the high last week Wednesday. Even it one is completing, a corrective move lower since Wednesday or Thursday looks incomplete.

There has been a very choppy, complex move higher the past few weeks. There are still a number of different ways to describe this action, but the view above seems to work cleanly with the the action since December. A good break lower will solidify the complete impulse count above.

There is no change to the longer term view. A downward flat still appears to be underway since 2011. The uptrend since March 2009 is still likely underway.

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