Friday, February 3, 2012

Friday 2/3/12 Market Update

It was stated yesterday that the short term action has been growing unclear. With the gap higher today, the alternate and primary counts suggested in yesterday's update have been switched with one another. It now looks clear that prices will continue higher into next week as [v] continues.

Wave iii of (iii) of [v] is likely nearly complete. The trend is still clearly higher, but the rally since December should still come to a conclusion after an impulse is drawn out since 1/30.

An impulse since November is possible, but the October rally suggests a zigzag is underway since the November low. The reason is that the October rally is clearly a zigzag, and the surrounding waves do not suggest it is part of a sideways correction other than the one described below.

There is virtually no chance that the rally since March 2009 is complete. The count above seems to describe the action the best; it suggests a double zigzag since March 2009 is underway with the second zigzag not even started.

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