Tuesday, April 26, 2011

Looking For A Pullback

I'm showing what I believe to be the most likely wave count from the March low, which is a [i] [ii] (i) (ii) count.  Other counts are possible such as a running triangle, a flat or expanded flat, but I think we should regard those counts as secondary until we see evidence to the contrary.  If the count shown is accurate, we are due for a pullback before a powerful wave [iii] begins.  One thing to keep in mind is that since we are probably in wave [iii], surprises will most likely be to the upside.  Once the February high is cleared in earnest, the trend should accelerate toward 1370 to 1400.

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