Wednesday, November 17, 2010

Wednesday 11/17/10 Market Update

There is no change from the view expressed in yesterday's update. Wave [4] of iii of (iii) should complete tomorrow as an impulse from the 11/9 high winds down. If the 50% retracement of [3] level is broken tomorrow to the upside, the count is likely wrong. Looking at the count and structure, invalidation seems doubtful; consider the bottoming action yesterday with the "extra" wave lower.

A zigzag wave since 8/31 should be complete. If not, a rebound should begin very soon completing what may be a large impulse since 8/31.

A continuation lower should carry into at least next week before a bounce is seen.

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