Tuesday, December 20, 2011

Tuesday 12/20/11 Market Update

There is no change to the count since yesterday's update. The huge up day today likely covered the remainder of an impulse wave with extended 1st wave that began near yesterday's close. Impulse waves with extended 1st waves are usually 1st wave impulses within a larger uptrend. This works well with the larger count.

The downward waves following the December high now look quite choppy which is a corrective characteristic. The impulse higher now underway is expected to terminate above the October high given the form of the waves since October.

There is no change to the larger count; the uptrend since March 2009 still appears to be underway.

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