Tuesday, February 8, 2011

Tuesday 2/8/11 Market Update

The market continued higher today, but had a difficult time doing so. There is clear momentum loss. The count calling for wave v of (v) has not changed since yesterday's update.

As shown yesterday, there are good arguments supporting the alternate count above, and also good arguments supporting the primary count. By a fairly slim margin, a nearly complete wave [v] is still favored at this time.

In the longer term, look for the completion of the the rally since late November to conclude the rally since at least late August.

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