Sunday, December 4, 2011

Friday 11/2/11 Market Update

In the short term, there is no change to the count since Thursday's update.

An impulse higher should be underway since November's low.

The October rally still looks corrective, but so does the sell-off following that month's high.

After careful consideration, the best longer term count appears to be the one described above. Wave w has been moved, but the expectation is still for a sideways wave x correction still underway. Perhaps the rally underway will stop at 1350 for wave [B] of flat wave x.

A double zigzag since March 2009 still underway is still the primary view. The best alternate appears to be a March 2009-May 2011 zigzag with impulse lower following. A (large) double zigzag correction higher would then be underway.

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