Thursday, February 17, 2011

Thursday 2/17/11 Market Update


The market pulled back at the open, but rallied in an impulsive fashion for the remainder of the day. The count is a nearly complete or complete wave (v) of [v] or a completing wave (iv). There is some preference for the nearly complete wave [v] option; the rally today looks like a clear impulse wave and the day's rally is not well proportioned with the corrective waves seen yesterday. The corrective waves within a complete wave (iv) are better proportioned as illustrated above.


Wave (iv) should be small since (ii) was small, so wave (v) may very well be nearly complete or complete.

Notice the overlapping waves after the 2/7 "3rd of a 3rd" wave. There is likely a impulse unwinding taking place.


There is no change to the larger view. The entire rally since late November and late July should be ending soon.



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