Thursday, October 6, 2011

Thursday 10/6/11 Market Update

Prices continued higher today which should not be a surprise. Even though price action the last two days has not been particularity clear, there is no change to the count following yesterday's update.

A zigzag sell-off from mid-September to early October is becoming a higher probability with each new rally day. A test of the upper September resistance area is expected within a few weeks.

In the longer term, the trend still looks bearish following the May 2011 high. A zigzag that began March 2009 is likely complete.

As a reminder, there will be one more update this weekend before my 3 week trip to Austria. I will do my best but I cannot guarantee regular updates during that time.

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