Sunday, February 6, 2011

Friday 2/4/11 Market Update

The short term count is not entirely clear, but it appears to be most likely that wave (iv) of [v] bottomed Thursday given the "3rd of 3rd" action early last week. If this is true, look wave (v) to be underway. An impulse wave (v) is the most simplistic view.

There is a good impulsive count to describe the action since late November. It is not easy to extend this count. If the rally continues for the entirety of this week, [v] is likely an ending diagonal.

In the longer term, the view has not changed.

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