Monday, January 10, 2011

Monday 1/10/11 Market Update

The view is a complete top with downward action preceding a much larger bear move. As suggested in yesterday's update however, the downside view is not a high probability at this time and will not be until there after there has been a big down move.

The trend since late November is still generally higher, but there is clear momentum loss with a good impulsive count that will be difficult to extend. Wave [iv] may be incomplete as a double zigzag or double. The expectation is for at least a retest of today's and Friday's lows no matter the count.

Using all the probabilities of all time scales, an important inflection point may have been reached 1/6/11. The best view from an Elliott perspective is a complete top with a new downward impulse waves developing in their infancy.

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