Monday, November 7, 2011

Monday 11/7/11 Market Update

The rally today has brought a change to the short term count since Friday's update. Upward price action since Tuesday is now very corrective, even if the above count is wrong, so the view that an upward correction is unfolding remains unchanged.

There is no change to the longer term views. The upward October rally is clearly a corrective looking pattern.

The market is expected to turn lower soon to resume what is expected to be a multi-month and perhaps a multi-year downtrend underway.

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