Sunday, May 6, 2012

Friday 5/4/12 Market Update

There is no change to the longer term count from the last update, but the market must rebound soon following the significant loss taken Friday.

A bit more downside would work well with the wave [4] triangle count, but wave (C) cannot be fully retraced if the count is to remain valid.  If it is, the action over the past several months still looks corrective and the next best count will be the alternate above.

The longer term count remains unchanged; a zigzag higher that began March 2009 is still likely underway.

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