Sunday, June 3, 2012

Friday 6/1/12 Market Update

There is no change to the primary count from the last update on Thursday.  The market is taking losses, but momentum to the downside appears to be waning.  In addition, there is still no good proportionality between waves a and c.

A correction lower since the May high still makes a great deal of sense considering the wave structure since that time; it is very difficult to imagine an impulse lower unfolding.  A triple zigzag count as expressed above actually works quite well with the structure.

A mostly complete impulse lower since the high Thursday appears to be the best view even if a larger bear market down is unfolding.

Please continue to expect updates, but not as frequently as in the past.  I am also in Europe for several weeks.

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