Sunday, November 21, 2010

Friday 11/19/10 Market Update

The view since Thursday's Update has not changed; the market likely completed a double zigzag correction following the 11/9 high and is on course to reach another recovery high this month.

To me, this continuation of the larger upward trend is a high probability. A 8/31-11/9 impulse with double zigzag following also seem like good options. The larger wave count above on a daily chart and the short term view (since 11/16) are low probabilities however.

If the alternate count above is correct, look for [b] of 4 of (C) to be underway. Although unlikely, an upward correction may also be underway if the primary count is correct.

If a sideways correction is not still completing, there should be one more push higher underway to complete what should be a zigzag since 8/31.

The short term count is not clear, but prices should continue higher in a "3rd of 3rd" wave of C or a more subdivided C wave (alternate count) if B of (Z) is complete.

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