Tuesday, November 20, 2012

11/20/12 - EOD Update

The market now looks like it completed five waves up with wave {v} ending in an Ending Diagonal.

The intraday pullback counts as five waves down so I'm guessing that was a wave 'a' of either {iv}? black , ii gray or (b) green. So there should be one more leg down possibly towards the 38% retracement.

However, we must keep in mind if the market rallies through today's high, than it is quite possible that wave {iv}? black, ii gray or (b) green completed at the 23.6% retracement, which would be a backtest of the 200 day SMA.

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