Wednesday, July 28, 2010

Wednesday 7/28/10 Market Update

The view that wave (c) of [y] of 2 is underway has not changed since yesterday's update. With some smaller labels moved, a complete wave iv of (c) may be the most likely scenario given the channel suggested above. This implies one more 5 wave move higher perhaps into Friday that completes corrective wave 2.

The action the past 2 days looks like a choppy series of zigzag waves lower. This move can be counted best as a triple zigzag or a leading diagonal. The sell-off has cut into the "3rd of a 3rd" wave of iii, but retraces only about 32% of iii as labeled (compared to wave [4] retracing more than 50% of [3] in the above alternate).

The larger view has not changed.

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