Wednesday, April 18, 2012

Wednesday 4/18/12 Market Update

In the short term, the count has changed since the yesterday's update. But in the longer term, nothing has changed the view that a downward wave [4] triangle is underway with (D) still incomplete.

The choppy sideways action should continue for several more weeks before a breakout higher occurs.

An impulse higher since November 2011 is still the primary view. This appears to be wave c of a zigzag that began in March 2009.

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