Thursday, December 9, 2010

Thursday 12/9/10 Market Update

After today's higher open, it looks like the downward action discussed in Tuesday's Update was a 4th wave, probably part or all of wave [iv] of C if the labels for C are moved forward.

The upward waves look choppy so barring an explosion higher tomorrow, a downward correction since 12/7 (wave 'b' completing now) or a wave [v] ending diagonal since 12/8 are possible options. If [iv] was a triangle, the move can be counted complete. A wave [v] underway is favored given the larger structure.

Breaking under 1220 should initiate things to the downside.

Note: I am out of town. Regular Elliott Wave updates will resume Sunday 12/12.

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