Thursday, March 8, 2012

Thursday 3/8/12 Market Update

The market continued higher following the low made Tuesday. The count has changed some in the short term from yesterday's update.

The count for wave [v] has been revised. The action of that wave and an impulse down to Tuesday's low can be part of a downward sideways flat correction. This count does not look likely due to the waves that precede it however.

Either a significant top was reached at [v] or the market is undergoing a sideways correction within an upward impulse that began at the November low; these are the two good options at this time. The next few days will be important in determining which is correct since exceeding the high of [v] will invalidate the primary choice marked above.

The count has not changed in the longer term, but it is no longer a clear favorite after today's strong move higher. If an uptrend is still underway, an underway wave (2) of [3] is the best choice.

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