Monday, November 29, 2010

Monday 11/29/10 Market Update

As discussed during the past week, the count has been very unclear. After today's price action however, a final run to a new recovery high lasting at least the remainder of this week seems likely following a complete wave B of (Z) correction as illustrated above. This is supported by the fact that the downward action since 11/9 has a very corrective appearance.

A closer view of recent action is above. A clear impulse wave higher appears to be unfolding. This should be wave [i] of C or (i) of [i] of C.

An alternate count and larger view of the rally since March 2009 can be seen here.

It is assumed that wave C will be a small wave, perhaps stopping near the last recovery high or just above. There should be a large "3rd of 3rd" up day in the near future (20+ points?), perhaps this week, that should help us better determine how far wave C may go.

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