Monday, April 30, 2012

Monday 4/30/12 Market Update

There is no change to the count following Friday's update.  The market appears to be correcting to the downside following a strong impulsive move higher that began last week Monday.

The exact form of the sideways correction that has been underway for the last few months is not crystal clear, however wave (D) or (E) underway within triangle wave [4] looks like the clear favorite.

In the longer term, an impulse higher unfolding since November looks like the best view.  The trend is still clearly higher.  Action since March 2009 is still clearly corrective and will continue to be unless buying continues significantly above all-time highs.

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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