Sunday, February 13, 2011

Friday 2/11/11 Market Update

The action Wednesday was suggesting prices would at least challenge the last recovery high in the short term. There was a new recovery high Friday with upward action since Thursday suggesting an impulse. The count since Thursday's update has not changed with the exception of marking iv of (iii) at Thursday's low (one of the 2 options presented Thursday).

Because of the lack of proportionality between 2nd and 4th waves, it is not clear if an impulse has completed since Thursday's low. No matter the count however, there should be a downward bias to price action tomorrow.

There is an off chance the impulse since late November has completed. At this time, the expectation is for consolidation for at least part of tomorrow before one more surge takes place to complete [v] and C.

There is no change to the larger view.

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