Tuesday, May 1, 2012

Tuesday 5/1/12 Market Update

There is no change to the count from yesterday's update.  Continuing forward with it, wave C of (D) now appears to be complete.

Unless prices bounce tomorrow and soon recover the loss taken today after today's trading high, the short term picture will be bearish.  This should be short lived however.  It is likely that a sideways correction is unfolding which still appears to be a triangle as described above.  After today's action which nearly reached a new recovery high, the intermediate term has a more bullish feel.  In addition, an impulsive count down is quite a stretch no matter how the waves are counted.

The longer term still suggests a correction higher since March 2009 still underway.

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