Wednesday, January 4, 2012

Wednesday 1/4/12 Market Update

There is no change to the count from yesterday's update. The market had a larger setback than usual for a 4th wave today, but the from a momentum perspective, a 3rd wave unfolding yesterday seems most likely.

The large retracement of the last of the 3 waves lower that began yesterday was retraced almost completely. Following yesterday's high, a correction lower looks likely.

There is no change to the count above; a correction higher underway since October appears to be most likely.

The uptrend that began March 2009 should still be underway.

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