Monday, December 12, 2011

Monday 12/12/11 Market Update

With today's downward action, there is some change to the short term count since Friday's update. As mentioned in the comments just after the open, a new low under Thursday's was expected. This did unfold.

A downward zigzag since Wednesday may be complete. The short term count is not a good one given the broken guidelines of form.

The count above is still very good with the October rally continuing to resemble a zigzag wave.

A continuation above the October level is expected. This move should challenge the spring and summer 2011 recovery highs as part of a sideways correction since May 2011 still incomplete.

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