Monday, November 22, 2010

Monday 11/22/10 Market Update

The sharp pullback today appears to have been a second wave within wave C of (Z), probably wave [ii]. Beyond this short term change to the count, the message presented in Friday's update has not changed; there are many options at this time in a generally foggy picture, but a final top seems to be approaching in the weeks ahead.

The rally since 8/31 is long in the tooth, but it is possible a sideways correction since 11/9 is underway.

No matter how you view the larger picture since March 2009, there are undesirable features to the wave counts. An alternate count (and expanded view) can be seen here. Unless prices carry sideways for weeks to come, the alternate count will not be used.

The final update this week will be tomorrow. The next regular update following tomorrow's will be Sunday.

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