Sunday, March 24, 2013

Friday 3/22/13 Market Update

There is no change to the count since the last update.  There was likely a double zigzag down followed by an impulse higher.  Although the pullback following this was corrective looking, this impulse was retraced by significantly more than 61.8%, so caution should be used when looking for higher prices.  The very short term looks clearly bullish however with a new recovery high likely very soon.

A flat may be underway since wave 1 (the "or" count).  The market does not need to pullback, but it is overextended so this count works well, especially considering the large retracement of the Tuesday-Wednesday impulse higher.

It is difficult to imagine a complete wave higher since March 2009.  The short term waves are also suggesting this.

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