Monday, December 26, 2011

Friday 12/23/11 Market Update

There is no change to the count from Thursday's update. There is likely an upward impulse winding down that began Wednesday. The count above is one option and seems to be a well arranged one that works well with the momentum of the move.

If there is no subdivision, it is possible that wave [iii] is underway, not wave (i). If this is the case, the alternate count above may make more sense. To say it in more details, since 10/28, a downward correction is possible--wave 'b' could be underway since the November low.

The count remains the same in the longer term; wave [B] should be underway since early October within a larger uptrend still intact since March 2009.

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