Tuesday, November 30, 2010

Tuesday 11/30/10 Market Update

The market had another gap lower today invalidating yesterday's complete B wave count. The best guess at the recent action is a triangle (in one direction or another) as illustrated above. Unfortunately there are no high probability counts at this time.

It is possible that there have been two impulses lower since 11/26 that are preceding a larger sell-off, but in my opinion the sell-off has been a zigzag within some larger wave.

If there is a triangle wave unfolding, look for a second zigzag higher as indicated above. This will likely exceed yesterday's high.

A view of the larger count with an alternate can be seen here. Wave C of (Z) will likely be much smaller than wave A.

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