Tuesday, January 24, 2012

Tuesday 1/24/12 Market Update

As mentioned in yesterday's update, a move under yesterday's low would make a complete wave (v) of [iii] most likely. The large retracement of the wave down beginning at yesterday's close makes the action since yesterday's high look clearly like a zigzag down.

If prices turn after testing the high yesterday, a sideways wave [iv] correction may be underway. This is not likely however.

Wave [iv] looks complete given the size and form of wave [ii] from last month. Wave [v] should be underway. The 1330s are a good target for this wave considering the size of [i].

The count above remains very valid. Prices may continue to the 1350-75 area (or even beyond), but this is not a requirement.

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