Tuesday, April 17, 2012

Tuesday 4/17/12 Market Update

There is no change to the count since yesterday's update. The market moved higher today exceeding last week's trading high in the process.

An impulse higher that began at yesterday's low should be in its final stages.

Even though there is a rally underway in the short term, the action since last week's low looks quite corrective (it looks like a double zigzag higher unfolding). Considering this and the fact that the action lower following the last recovery high does not count well as an impulse, and the rally before that is choppy, a sideways correction underway makes a good deal of sense.

With shorter term action in mind, the most natural count seems to be a wave [4] triangle unfolding as described above. The uptrend that began in March 2009 still appears to be underway.

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