Monday, November 21, 2011

Monday 11/21/11 Market Update

There is no change to the count since Friday's update.

If wave (iv) is not complete, its wave b or x to the downside should be underway.

As mentioned here in the past weeks, the October rally has very corrective features. A slide to the downside makes sense, but there is still a good distance left to fall before the bearish view is solidified.

In the longer term, a zigzag higher March 2009-May 2011 and impulsive wave lower following May 2011 are bearish indicators.

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