Thursday, March 17, 2011
This bounce was almost true to script. I've been following this chart ans sure enough the market bounce as anticipated. We'll the count I was following also was calling for a bounce.
The primary count called for the conclusion of  yesterday and tha ttoday would have been the beginning of . Based on today's actions though, I'm not quite sure.
The alternate label on the chart is that yesterday's low may have been a w for  and today's bounce is the beginning of an x wave that will challenge the 50 day SMA at 1302.
The 3 min chart below highlights the internal wave structure, which at the moment counts best as a double zigzag. I have placed a potential nested 1-2 up as an alternate should wave  be underway.