Thursday, March 11, 2010

We finally have a recognized pattern...

Well if you give the market enough time, it eventually has to make some sense. Today the market let us know it was working on a 4/B wave triangle. One thing is for certain and that is p3 has not yet begun and the irregular looking impulse wave down was indeed corrective. We always thought the wave relationships between 2&4 were too different, but as there was no overlap, that is the way we kept it. Now it is clear that we will have new rally highs tomorrow barring some 5th wave failure during the globex session.

I'll be watching the pullbacks here closely to ensure we are not part of a larger impulsive move. 1115 should not be broken if we are going to keep this bull move going. I've updated some charts, but I'm leaving some of the larger counts rough for now until we have confirmation one way or another.
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