Thursday, November 29, 2012

Thursday 11/29/12 Market Update

The short term alternate count in the last update is now the primary count.  The change is small and the larger view is still bullish.

A zigzag higher is not a bad option, but the 'c' wave is quite a it smaller than the 'a' wave.  'c' may not be complete, but the 61.8% retracement level of the possible 5 waves down will be violated in a strong way unless 'c' is an ending diagonal unfolding.  But as discussed in the past, the longer term waves suggest a correction lower has unfolded since the October 18th high.

The waves following today's high look like a consolidation before another move higher.

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