Sunday, November 29, 2009

Friday 11/27/09 Market Update

On a shortened trading day, the market showed considerable weakness at the open. A rally did ensue however with impulsive upward waves apparent. If this is the beginning of a larger impulsive wave, higher prices tomorrow will need to confirm the rally.

In the above 1 minute chart, I suggest a flat wave B bottom that occurred Friday. Looking at price history earlier this year, abrupt gaps down are corrective patterns. Furthermore if this were a 3rd wave, there should not have been such a strong rally following the day's lows. It is possible a B wave double is still unfolding. If there is no market strength tomorrow, this may be a possibility.

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