Sunday, November 7, 2010

Friday 11/5/10 Market Update

As expected in Thursday's Update, there was some continuation of wave (iii) of [v] Friday. Wave (iv) should be underway but it is not clear what the wave patterns will be in the short term. It would make sense if at least wave iv territory, the 23.6% retracement area, were reached but this is not a requirement. The best guess is a lower open tomorrow that will be the final stages of flat wave (iv).

Following the completion of (iv) perhaps tomorrow or Tuesday, there should be a short burst higher to complete wave (v) of [v] of C likely this week.

The view that a zigzag since 8/31 is underway has not changed.

(Z) and the entire rally since March 2009 should terminate this week.

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