Thursday, January 5, 2012

Thursday 1/5/12 Market Update

The morning drop caused some change to the short term count from yesterday's update; the alternate is now the primary.

There was a sharp bounce following today's decline that retraced almost all of the downward action that began Monday. Those downward waves now have a clear corrective appearance. In addition, the action higher beginning at the December low is difficult to view as a corrective wave, complete or incomplete. And an impulse higher since that time is clearly not complete. So none of the longer term views have changed.

A test of the last recovery highs is expected in the early part of this year.

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