Thursday, May 3, 2012

Thursday 5/3/12 Market Update

The market resumed its short term trend down today.  The count for the decline that is believed to be (E) of [4] underway are not clear, but it can follow be any of the options listed above.

If the count is correct, there is still a good amount of action within (E) remaining to complete a triangle; price must cross into wave [3] territory before the pattern completes. If the count is not correct, a different sideways correction should be underway.

The longer term is still bullish with perhaps new all time highs ahead.  Keep in mind the action since March 2009 is still corrective, resembling a single zigzag nearly complete.

I will be teaching a live seminar for Elliott Wave International on May 19th entitled, "Introduction to the Elliott Wave Principle-One Day Seminar". Find out more about this course and read my bio here. Elliott Wave International interviewed me not long ago. Find that interview here

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