Tuesday, March 6, 2012

Tuesday 3/6/12 Market Update

There is no change to the count since yesterday's update. The market moved sharply lower to form what is likely the core of an impulse wave lower that began at the last recovery high.

It is still possible to rearrange labels so the impulse higher that began in December is still incomplete, but this is now a weak option.

The alternate count above (an impulse higher following the November low now underway) is possible and not a bad option, but the primary count above is still preferred. The market action in the coming days and weeks will help to determine which count will prevail. 1300 should hold price if the alternate count above is correct.

I will be teaching a live seminar in May entitled, "Introduction to the Elliott Wave Principle-One Day Seminar". Find out more about this course and read my bio here. Elliott Wave International interviewed me a short time ago. Find that interview here.

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