Thursday, November 10, 2011

Thursday 11/10/11 Market Update

After today's action, the short term is a bit more confusing, but the waves on all scales suggest bearish action ahead. The count remains unchanged since yesterday's update.

There was a choppy set of waves today. After the gap higher and sell-off, a zigzag higher appears to have unfolded. This is apparent given the retracement of the pattern in the afternoon. The best alternate is a double zigzag lower this week followed by an upward 1st wave impulse and 2nd wave flat.

The longer term views are exactly the same. The October rally still resembles a corrective wave by a wide margin.

In the longer term, a test of the March 2009 low is expected.

blog comments powered by Disqus