Tuesday, October 20, 2009

Tuesday 10/20/09 Market Update

The market moved lower today breaking through the well established channel shown yesterday and in the 10 minute bar chart above. This move appears to be only part of a 4th wave correction that in my estimation should continue tomorrow.

There are still many possible counts with one is shown above. The larger wave that has been forming since early October appears to be wave [iii] of C of (Y) of [2] or A of (Z) of [2]. More price action will help narrow down the options.

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