Sunday, December 9, 2012

Friday 12/7/12 Market Update

The wave count is still bullish as it was in the last update.  A new recovery high is expected.

There are several ways to describe the rally since the low last month, but the rally looks bullish.  There is a good chance the high last week will be taken out which will exceed the 61.8% retracement level of the possible impulse wave down which is bullish.  Also this bearish alternate count looks like a weak option.

Waves have been advancing but in a choppy fashion.  As an alternate, the rally since Wednesday can be a corrective wave but this does not make much sense in the larger context unless [d] is incomplete (which is a good option).

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