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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