I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Tuesday, March 8, 2011

No Cigar

The Bearish Count (if indeed this is a decent correction in progress, which as I have said the last several days we have no proof of yet) is mutating into something more complicated. The C wave setup has been obliterated this morning. Tradeable wave down? Close... but no cigar.

Again, I have repeatedly said to ignore the impulse down count from the top. Today is confirming that warning. My stance for the last few weeks is that if the 18th marked a top, it is just 'a' top, not 'the' top, and any pullback will ultimately be a corrective wave. I continue to stand by that observation.

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