Monday, January 30, 2012

Monday 1/30/12 Market Update

There is no change to the count since Friday's update, but the primary count is now a lower probability. The market made a nice move down today, but the rebound retraced so much of the decline that alternate counts should be seriously considered.

The alternate above is fairly clearly the best option because it works the best in the larger context. The main reason is due to the zigzag October rally and its strong likelihood of fitting into the count described below, not a piece of some other sideways wave.

The count above suggests an unfolding flat since the May or July high. There is no change to the longer term view.

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