Tuesday, October 27, 2009

Tuesday 10/27/09 Market Update

The market continued drifting lower today with prices riding along the lower channel shown above in the 10 minute bar chart. Wave patterns are not clear, but this market looks oversold in the short term. A bounce should come soon, even if new lows are reached tomorrow.

Some ideas of the wave structure are illustrated in the chart. I still see a corrective pattern on a variety of levels although its exact form is very debatable. Hopefully tomorrow will bring clarity to the situation.

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