Due to the sharp drop during the middle to end of the day, the first alternate suggested in yesterday's update has now been made the primary. For reasons discussed earlier, waves look corrective since the 7/15 high.
The larger view is still a completing wave 2 double that began 5/25/10, but wave (b) of [y] of 2 may still be underway. If not, the next best choice is a wave ii of (c) of [y] of 2 bottom occurring near today's close. A second wave completion of minute or minor degree will be a desirable option with the continuation of the decline since 7/15.
An impulse wave higher since 7/20 is fairly clear. At this time, there is considerable work ahead to exceed today's high.
The larger view has not changed.
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