Sunday, November 18, 2012

Friday 11/16/12 Market Update

There were a few small waves lower since the last update, but the view has not changed.  The market is very oversold and should continue rebounding off the low reached Friday.

A move higher than the 61.8% retracement level of C of (Z) will be a bullish development suggesting  thatat worst an impulse down since the second October high has completed.  This is the second alternate count however with a double zigzag down from that level a much more appealing option.

A zigzag higher following Friday's low is possible and would make the most sense if a new bear market is underway.  But again the market is quite oversold and the current downtrend will not continue forever.

blog comments powered by Disqus