Thursday, February 10, 2011

Thursday 2/10/11 Market Update

There was a sharp decline in the morning, put prices rebounded bringing a very corrective look to the sell-off since Wednesday. The count of the decline presented in yesterday's update was not correct, but an additional down move was not out of the question--it was not clear whether or not iv had completed for proportionality reasons.

At this time, it is still not clear whether iv is complete. The complexity of iv (it looks like a double flat) is an encouraging sign for its completion, while the choppy action today is a sign the market is still correcting.

The channel above is the i-iii, ii channel line.

The count as illustrated above has not changed. Wave [v] should be underway but past the half-way point.

The larger view has not changed. For those interested in a longer term view of the count, a few ideas were presented here a few weeks ago.

blog comments powered by Disqus