Thursday, December 15, 2011

Thursday 12/15/11 Market Update

There is no change to the count since yesterday's update; the market has likely completed a correction lower yesterday that began earlier this month.

As described above, short term waves are corrective in the downward direction following what appears to be an impulse higher that began at yesterday's low.

There was near wave crossing today over the low seen earlier this week. From an Elliott wave perspective, and especially when considering the technical condition of the market, bearish counts will become a much lower probability when price rises into this previous price territory.

The longer term view has not changed; the October high should be taken out as the market corrects within a larger uptrend that began March 2009.

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