Wednesday, December 28, 2011

Wednesday 12/28/11 Market Update

There is no change to the count from yesterday's update, but it is now of a lesser probability given the structure of the sell-off today. There has been a large retracement of the wave (i) of [iii] impulse as labeled relative to [ii]'s retracement and the correction looks incomplete, so other options should be considered.

A good alternate working well with the larger waves is shown above. Because it seems a bit complex, there is still room for (ii) to proceed, and there are some labeling issues with a 3-wave [a] of A of (X), labels have not been changed.

There is no change to the longer term picture.

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