Wednesday, March 28, 2012

Wednesday 3/28/12 Market Update

The market traded lower today, but the retracement of the upward impulse wave above is still in line with the count from yesterday's update. The form of the downward action since yesterday's high is a bit bearish move however; it can be counted as an impulse wave lower albeit a sloppy one.

Because the short term action is not clearly bullish, the alternate count above is worth considering.

As discussed yesterday, the rally since November still looks incomplete and bullish. The best options for pullbacks are short-lived corrective waves that only bring about a pause to the uptrend which is still well intact.

blog comments powered by Disqus