Tuesday, April 10, 2012

Tuesday 4/12/12 Market Update

The count has changed since the last update. The recent collapse in prices suggests a correction is underway that will at least test last month's low. The most simple option at this time is the primary count illustrated above. It suggests the rally since March 2009 ended earlier this month.

An impulse lower is likely unfolding since the last recovery high considering short term action. The ending diagonal wave [5] above is not a great count, but one that seems to fit recent action.

The short term count is not totally clear, but downward action still looks incomplete unless a double zigzag lower terminated today.

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