Sunday, November 28, 2010

Friday 11/26/10 Market Update

The price action over the past few weeks is still not clear, but the low established 11/16 may have been the bottom of B. This is the most simple way to count the corrective waves since 11/9, but this implies wave [ii] of B retraced more than 78.6% of [i] which is unusual for a second wave.

Regardless of the problems with the count above, since 11/16 the market is painting impulse waves higher and corrective waves lower. This works well with what may have been a double zigzag B wave 11/9-11/16.

If wave C of (Z) is not underway, downward wave 4 of (C) probably is using the alternate count in this chart. At this time however, a bullish burst higher exceeding the 11/9 high seems most likely at this time.

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