Wednesday, March 11, 2009
Initial Thrust Probably Complete
The initial upmove off of Monday's low likely ended today and a wave b pullback probably commenced this afternoon. This could last 1 to 3 days before wave c up to complete the rally around next Tuesday. If long, you may have to ride out a sharp pullback. So far, this does appear to be an upward correction in most indexes except the Qs. The Qs have broken the downtrend line from the February high and may have bottomed on Monday before the rest of the market. Even so, a sharp second wave correction should ensue as the rest of the indexes complete wave 5 down.
Posted by R. Craig Pritchard at 4:48 PM