Tuesday, January 31, 2012

Tuesday 1/31/12 Market Update

The market had a strong up move today which retraced all of the downward impulse that began two days ago near the close. Given that there was only one impulse down before this, the downward action since last week's high now looks highly corrective.

The alternate count in yesterday's update is now the primary count, and the primary count there is now the alternate count. A rally lasting several days is expected before the impulse that began in December is complete.

There is no change to the count in the longer term. Short term action still suggests it is not likely to change soon even though prices may continue to drift higher.

blog comments powered by Disqus