Friday, November 9, 2012

Friday 11/9/12 Market Update

There is some revision to the count since the last update, but a new recovery high in the near future looks like a high probability.

As discussed earlier, the last recovery high is not likely where the the motive wave c terminated; the waves following that high in early to mid-October work very poorly in a downward impulsive scenario.  The second swing high in October is a better top given the action following.  The problem with this count is that the June-October wave becomes a 5-wave advance which which makes little sense in the larger context of the first chart above.  Because of these problems, the primary count and alternate count presented here are the best options and by a good margin over a complete top count.

Unless C is an ending diagonal down still underway, the low reached today should hold.

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