Sunday, November 6, 2011

Friday 11/4/11 Market Update

The market had a noticeably negative day Friday with important wave crossing. The rally since Tuesday now has a very choppy appearance and suggests a corrective bounce, even if Thursday's high is taken out by a reasonable margin. The count since Thursday's update has not changed.

The expectation is for a down day Monday, but exceeding Thursday's high slightly will not change the longer term bearish view.

There is still a very corrective look to the October rally considering the wave crossing in November.

There is still a zigzag-structure March 2009-May 2011 followed by an impulsive looking downward wave. This suggests a bearish 2012. If there is a rally above the October high, a double zigzag underway since March 2009 will become the primary view.

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