Tuesday, November 29, 2011

Tuesday 11/29/11 Market Update

The count has been changed to the "or" count in yesterday's update. There is a generally corrective structure higher since Friday, but this can change if prices surge higher later this week. A set of 1-2 waves higher is a possibility. On the other hand, moving under yesterday's low is a generally bearish sign from a wave perspective. Even then a sideways correction underway since Monday within a larger uptrend is still possible.

The October 3-wave structure is a sign that a downtrend is still underway.

The longer term still looks bearish with an eventual test of the 666 March 2009 low expected.

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