Saturday, January 28, 2012

Friday 1/28/12 Market Update

There is no change to the count from Thursday's update. Labellings have been added to the decline following Thursday's high. It charts surprisingly well as an impulse and is difficult to label as a correction.

The rally today and ensuing sell-off into the close is interesting. It suggests an upward correction since Friday's low.

The best count appears to be a complete upward impulse since the December low as labeled above. A move under Friday's low and then under the support from last week will lessen the probabilities of the above alternate counts considerably.

In the longer term, a downward correction since the May or July 2011 high is still likely underway. A complete rally that began March 2009 is very unlikely given the large retracement of the sell-off following the last recovery high.

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