Saturday, December 22, 2012

Weekend Update

I didn't get a chance to do it yesterday but I added the channels for the current wave structure to add a better perspective on what is going on. Note the market's uptrend remains intact as the index remained in this channel. Also, I wanted to add the reason I labeled the move from 1448 an ABC is because the potential 3rd Wave which looked very impulsive in pre-market, ended up rallyinginto the A/W1 territory and in turn invalidating the 5 wave count. Obviously, there could still be 5th wave but the fact the MACD I track was about to go bullish and the close at the Trend Average leads me to believe the move has so far been corrective. So there is still a chance of a Santa Rally we see key signals reversed.

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