Wednesday, December 1, 2010

Wednesday 12/1/10 Market Update

A count was presented in yesterday's update that called for a small continuation rally today that would precede a final pullback to complete wave B. It seems that a complete bottom is in, but with the explosion higher today, the count has been modified to better fit an already complete B wave.

From the low set yesterday, wave C higher should be underway to complete a zigzag higher since 8/31.

Wave [i] should be complete with one more move higher tomorrow. A wave [ii] sharp pullback should then be seen.

The current rally should take the market to a new recovery high. This swing high should be the final top to the move that began at the March 2009 low.

Note: I will be out of town next week. Following tomorrow's update, the next regular update will be Sunday 12/12. I may provide some short text updates next week.

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