Wednesday, January 26, 2011

Wednesday 1/26/11 Market Update

The market continued higher today which is not a surprise, but the count has been modified slightly since yesterday's update. For the same reasons explained yesterday, an ending diagonal is still the best count, but short term action is very hard to predict.

Looking back, there is a good impulsive count higher at this time. It will be very difficult to move the labellings since November forward to allow for additional upside. In other words there is a good chance that the current wave [v] higher, or wave [iv] sideways if the alternate is correct, are accurate assessments of current action.

The trend higher is well established. The market looks poised to move higher in the short and intermediate terms.

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