Thursday 4/26/12 Market Update

There is no change to the count from yesterday's update, although the probability for a complete wave [4] triangle correction is now heightened.

Action since the Monday low still looks impulsive, but price is getting quite high for this action to be the first leg of (D).  For this reason, (D) may be a nearly complete double zigzag as described above in the "or" count.  If the wave is an impulse with a good distance higher until it completes, [4] may be complete as a triangle (the alternate count above).

There is no change to the longer term view.