Wednesday, March 30, 2011

Market Timing Update (3/30/11)

[EOD] Stocks -
TRAN, MID and RUT reclaimed their respective February highs today. Market breadth is respectable for the day. These developments increases the odds of a "minor wave 5"-type advance ...

... but does not kill the bearish wave [x] rebound:
Across indexes, the market is finishing up an extended wave [iii] from the low based on the bullish count - totaling 7 or 11 waves depending if one counts the subwaves of wave [i]. A wave [iv] pullback is due soon if not already in progress.

Note that 7 or 11 can also be the completion of a corrective wave.

[1220pm] Count update (INDU, SPX) -
TRAN,MID,RUT have reclaimed their respective Feb highs.

[8am] Overnight update (ES, DX) -

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