Sunday, November 15, 2009

Friday 11/13/09 Market Update

On very low volume Friday, the market made a rebound. The upper 1090s on the S&P 500 was reached. 61.8% of the slide since 11/11/09 has been retraced.

A second wave rebound may be underway (or may have completed). But in my estimation a zigzag down has formed with some impulsive waves following. If prices move to around 1102 Monday then fall, a second wave probably did unfold. But for now, a new high should be reached. It would make sense if this new high were the peak of wave [2], but the Elliott Wave structure is not clear.

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