Wednesday, February 23, 2011

Wednesday 2/23/11 Market Update

The market had a very difficult time rebounding today, so it appears that an impulse is winding down, not winding up. As a result the very short term count has changed somewhat since yesterday's update, but downward impulsive action with corrective bounces are still expected.

The count for an incomplete impulse wave since late January is now invalidated. Unless the impulse since late January or late November is being partially corrected, the count suggests continued selling for days and weeks more.

A significant top may have been reached last week. Any wave count suggest that the rally since late July is likely over, even if it was an impulse.

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