Tuesday, December 14, 2010

Tuesday 12/14/10 Market Update

Yesterday's high was not exceeded today, but the count has been modified slightly since yesterday's update to better describe the action. Other than this change, the comments expressed yesterday are still valid.

The channel trend line following C has been broken to the downside. There is room for one more small advance if the alternate in the 1 minute chart is correct, but the most simplistic view is a complete impulse wave since 11/30.

For what it is worth, in my opinion the best view at this time is a complete (or nearly complete) corrective wave since March 2009. With a wider chart, the reasons behind this were illustrated in yesterday's update. For the traders reading this blog, the longer term count expressed here should not be of much concern. If primary wave [2] has or has not been unfolding, this does not affect the short term work of this blog. Similarity if there has not been a triple zigzag since March 2009, this does not change the view that there were two impulses higher since 8/31/10.

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