Friday, April 27, 2012

Friday 4/27/12 Market Update

There is no change to the count from yesterday's update.  The primary count is still a completing wave [4] triangle underway.  A few variations of this pattern are possible (see the alternates above) with the best count not obvious.

Wave (D) may be complete as a double zigzag.  An impulse wave in this position comes a bit more natural however--not to mention the pattern is more simple.

In the longer term, the market appears to be completing a single zigzag correction higher that began March 2009.  For better proportionality of the pattern, new recovery highs work well with the count.

The even longer term discussion found here is still very much valid.

I will be teaching a live seminar for Elliott Wave International on May 19th 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 not long ago. Find that interview here.

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