Monday, January 9, 2012

Monday 1/9/12 Market Update

The count has not changed following Friday's update. In the short term, the trend still looks higher with a downward sideways correction underway or complete.

An incomplete impulse wave higher since the December low looks probable. Prices should move higher quickly to preserve the count however.

It is possible that the core of C is already complete, but the depth of the sell-off that followed makes the count look questionable. On the other hand, the wave cannot subdivide forever and is already complex.

There is no change to the longer term count. An upward correction should be underway since October, but the uptrend that began March 2009 is likely not complete.

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