Thursday, January 6, 2011

Thursday 1/6/11 Market Update

Moving forward with the count suggested in yesterday's update, there is a chance a top was reached early today. With a downward impulse and choppy upward waves following, this idea is very much valid.

The unemployment report at 8:30am EST tomorrow may be an important turning point.

If a top was not reached today, look for one of the alternates above to play out. At this point there is already a good impulsive structure with subdivided wave [v]. [v] is small in relation to [i] and [iii], but wave [i] was longer than [iii] so [v] is limited in size to 1306.

Following the rally since late August, a new bear market should begin.

blog comments powered by Disqus