Thursday, February 3, 2011

Thursday 2/3/11 Market Update

The market moved lower in the morning hours but rebounded in an impulsive fashion for the remainder of the day. Wave (iv) of [v] was moved, but other than this, the count has not been changed since yesterday's update.

Due to the deep correction today, there are now good alternates that support higher prices; a completing ending diagonal wave [v] or a completing extending wave [v]. Because of the substantial rally Friday-Tuesday, the ending diagonal alternate is preferred.

In the longer term, the count and view has not changed. The larger count can be viewed here. When the shorter term waves complete, the single zigzag alternate also suggests a correction of the action since the summer.

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