Wednesday, November 2, 2011

Wednesday 11/2/11 Market Update

The count remains unchanged since yesterday's update. A move to or just under Tuesday's lows should mark the end of an impulse wave that began Thursday. The short term action over the past few days is a bit unclear however. If the market continues above today's highs, a second wave is likely underway following a complete impulse since Thursday.

There is a 3-wave structure to the October rally which is a corrective characteristic.

The longer term still suggests a move under the last month's low.

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