Wednesday, December 26, 2012

Wednesday 12/26/12 Market Update

The "or" count from the last update is illustrated above. A new recovery high should be reached soon as zigzag-family wave [5] completes.

Wave (X) of [5] should be a flat nearing completion.  It should terminate, probably tomorrow, near the low from 12/14.

It is difficult to see the rally since November as an impulsive move.  At the same time, the downward wave preceding it was almost completely retraced.  These observations work well with the ending diagonal count that has been used on this blog.

There was likely a clear impulse down today followed by a clear double zigzag rebound.  The above impulsive count lower works well with the sharp gap down (labeled wave (iii)) seen last week.

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