1235.05 was reached immediately after today's gap higher. This level was not held. The market sold off to nearly retrace the entire day's positive move with the high established Friday 12/3 being crossed in the process. This action is best viewed as 4th wave action or action following a complete impulse wave since C began, 11/30.
With some modifications to wave C's count (since the last update), the above count can describe a market top completing the entire move since March 2009. If the point of recognition gap is moved from 12/4 to 12/5 (ignoring breadth and the typical "3rd of 3rd" gap), higher prices can continue in a completing impulse since 11/30. The TRIN closed low again today so in my mind the market should correct soon if it has not done so already.
Note: I am out of town. Regular Elliott Wave updates will resume Sunday 12/12.
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