Friday 4/20/12 Market Update

In the short term, wave Y of [D] now better resembles an unfolding triangle, not a flat.  Since the last update, the short term count has changed to reflect this.

All upward waves since 4/10 are corrective looking.  At the same time, the downward action since the last recovery high is difficult to view as am impulse wave.

Prices should move higher until new recovery highs are reached.