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Wednesday, November 30, 2011

November 30th Update

S&P 500

Today's impressive rally has confirmed my alternate count in my prior post.  I think a year end rally leading into the new year is pretty much in the bag at this point.
















My daily wave count in my previous post had some problems.  I was expecting another push lower before turning up.  I think I've determined where my count was wrong.

I had a 1-2, 1-2 count in my prior post, which was obviously just a triangle in an A-B-C move lower to complete (X) on the weekly chart above.

Summary:  The market is going to stay bullish for the next 4-6 weeks, but should not exceed the May 2011 highs.  The larger degree trend is still down I'm afraid.

Silver

Silver could be ready to plummet.  On the daily chart below we appear ready to begin minute wave ((v)) of minor wave 3.  Given all the stored up sideways action going back to September, this should be like a stretched rubber band being released.



Posted by Waverunner (FractalTrader) at 10:36 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))