Tuesday, May 15, 2012

Tuesday 5/15/12 Market Update

There is some change to the count from Monday's update.  An ending diagonal wave 5 is proposed which appears to be complete or nearly complete.

Subwaves [iii] and [iv] are a bit questionable, but the positioning of 5 within the larger structure works well and actually looks better than the count in yesterday's update.

The best alternate at this time is the one shown above.  This is basically the same as the primary count, but this bullish count is still favored over bearish options.  The intermediate-term waves are still clearly favoring a sideways correction underway in my opinion.  This is bullish in the longer term.  Better symmetry between the legs of a zigzag unfolding since March 2009 is still expected.

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