Thursday, March 1, 2012

Thursday 3/1/12 Market Update

There is no change to the count from yesterday's update.

An ending diagonal wave [v] appears to be the best count. It suggests prices will continue to make new recovery highs in the coming days or weeks, but in a choppy fashion. Even if this count is not quite right, the short term action (and also medium term, since December) suggests large breakaway gaps higher are unlikely. Upward progress should continue to be followed by overlapping action to the downside.

There is no change to the longer term view. The rally underway since December 2011 is losing momentum while prices are in a significant resistance zone.

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