Wednesday, February 9, 2011

Wednesday 2/9/11 Market Update

There has been a change to the [v] wave labellings; the alternate count suggested in yesterday's update is now the primary count. The continuation of the sideways consolidation today is now quite wide compared to the alternate wave ii of (v) of [v] and is difficult to count as one unique corrective wave due to the complexity of the pattern. Prices are also lingering at high levels which one would not expect as an extended 5th wave "blows off".

If the new count is correct, prices should continue higher for at least one more week. While the rough time objective has now changed, the expectation for a continuation higher has not.

In the short term, iv of (iii) of [v] may or may not be complete. The correction since yesterday's high looks complex, but it may be wave [A] of a more complex correction to bring greater proportionality between it and wave ii.

The longer term count has not changed.

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