Tuesday, December 1, 2009

Tuesday 12/1/09 Market Update

Above is a 1 minute chart of the S&P 500. The market moved higher today in what appears to have been the remainder of wave (iii) of [i] of C of (Z) of [2]. Wave [i] appears to be nearing completion with wave (iv) unfolding now. The next most likely scenario is an unfolding wave [iii] that began Monday 11/30. Wave (i) of [iii] would have unfolded if this were the case; wave (iii) of [iii] would then be ahead.

Wave B of (Z) of [2] appears to have been another flat of minor degree that completed Friday 11/27. Yesterday it was unclear whether or not wave B was incomplete and forming a more complex correction. But after today, it seems clear that C is underway.

It is possible that the degrees as labeled are too low, that is wave [iii] of C actually completed today. But C of (Z) would be quite small compared to wave A of (Z) (although no rules are broken). So for now expect higher prices over the next few weeks within wave C.

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