In yesterday's update, it was suggested that the rally that began 12/16 may be complete. The lower prices today are still following that plan, but the count has been changed given what looks to be a corrective move since yesterday's high and impulse following today's low.
A closer view of recent action an be seen above. An upward expanding flat second wave is possible today, but the preceding decline is difficult to view as an impulse. Tomorrow will be telling; if today's low is broken, from a wave perspective that will be an indication that a top is in. If prices carry sideways or higher, there will likely be a continuation of the rally that should exceed yesterday's high early next week.
A top to complete an impulse that began late last month should be coming early next week at the latest.
The impulse since late November should be wave C of zigzag wave (Z) that fits into the larger triple zigzag picture found here.
Counting this update, there were 240 market updates published this year. With 252 trading days in 2010, this blog helped keep you informed. Thank you for your readership; this blog would not be possible without you. Have a happy and prosperous new year!
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