Wednesday, May 9, 2012

Wednesday 5/9/12 Market Update

The intermediate term count has changed somewhat to create better proportionality between waves, but there is no change to the implications of the count since yesterday's update.

In the short term, a sideways triangle correction may be underway if [iv] is not complete.  However, the most simple view is a complete impulse lower that began earlier this month.  A move above yesterday's high will be a bullish development in the short term.

The trend is still higher since Autumn 2011.  A strong breakdown under ~1340 will change this view.  For now however, an incomplete impulse higher since November remains the preferred view.

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