Tuesday, January 26, 2010

Tuesday 1/26/10 Market Update

A new wave [i] low was reached just after the open today. Following this was a rally into the early afternoon hours. A decline ensued from this point that nearly reached the lows seen earlier in the day.

There are multiple ways to describe the recent market action as the 1 minute chart above illustrates.

The 5 minute chart above shows a wider view of the decline.

Wave (v) may not be complete but may be ending soon. If (v) has not yet begun, the last option looks like the best count. My feeling is that there may be one more minor low tomorrow but this is only a guess. Hopefully the market action tomorrow will be telling.

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