Wednesday, May 5, 2010

Market Timing Update (5/5/10 Close)

The preferred count is that today's low has the potential to be [w] of B under the correction scenario (Chart 2) OR i-down of (iii)-down under the P3-type scenario (Chart 3), mainly based on squiggle count that the rebound from today's low looks corrective (Chart 1).

Thus, a rebound is likely and there could also be a decent sized retracement, but expect additional downside action as [y] of B-down or iii of (iii)-down once the rebound is over, if this view is correct.

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