Sunday, December 2, 2012

Friday 11/30/12 Market Update

The longer term view is still unchanged and suggesting a new recovery high.  Upside momentum is waning and a zigzag since March 2009 should complete soon.

The 61.8% retracement of the best bearish alternate count has been reached.  This count can still remain on the table with some additional upside, but the upward resistance near 1435 should not be exceeded.  Remember that this count is a weak option given the 5 waves down it uses however.

An upward zigzag count higher is not a bad option in the short term, but the longer term action is still bullish.

The sideways action over the past few days looks like clear consolidation preceding another move higher.

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