Wednesday, May 23, 2012

Wednesday 5/23/12 Market Update

The triple zigzag count suggested as a possibility in the last update is now the primary count given the deep retracement today of the last swing move higher.  Notice also that the action since the high earlier this month does not count well as an impulse; there are several broken guidelines.

As described above, a double zigzag since the low last week may be unfolding.  If this is not correct, the next best estimate is an impulsive move higher with a complete correction already in.

The waves still suggest new recovery highs.

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