Tuesday 12/6/11 Market Update

Short term action is still unclear, but the count remains unchanged since yesterday's update. For the reasons discussed yesterday, a sideways correction is still likely underway. It should be days more until it completes--perhaps sometime next week.


A double zigzag higher since early October is still the primary count. Sideways corrective wave B of (Y) should be underway now.


For the reasons discussed in yesterday's update, a double zigzag higher since March 2009 is still the primary view. Look for the middle of this pattern, a sideways correction since May 2011, to complete in the coming months.

Note:
There will be no update this Thursday.