Wednesday, January 11, 2012

Wednesday 1/11/12 Market Update

There is no change to the count shown in yesterday's update and earlier. There has now been a fairly deep retracement of wave (3) after today's drop, but prices rebounded favorably to give a corrective appearance to the downward waves following yesterday's high.

A continuation of the wave since the December low is expected for several more weeks, and possibly for over one month. The alternate impulsive count above is the next best view of the action for that wave, but has considerable problems.

There is no change to the longer term outlook discussed yesterday and in prior updates.

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