Wednesday, February 8, 2012

Wednesday 2/8/12 Market Update

The count in yesterdays update is still valid; nothing has changed. The market should continue higher as wave [v] winds down, the 5th wave impulse of the rally that began at the December low. An underway wave (v) of [v] is the best estimate of the short term action.

The trend is clearly higher, but the market appears to be completing a 3-wave advance since the November low. Whether or not this rally becomes a 5-wave advance remains to be seen. However, the longer term perspective still suggests a correction underway since the October low.

The most simple way to describe a correction since the July high is a flat. But even if this is not the case, the termination expectation for [C] is around the [A] low.

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