Sunday, August 15, 2010

Friday 8/13/10 Market Update

After another day of sideways price action, the count has not changed since Thursday's update. It looks like an impulse lower is still unfolding. Wave iv is probably complete, but another small rally tomorrow may occur before wave v begins. Any gap down is probably the core of wave v of (i) (please note that the degree labellings of the recent decline may be too low by one degree).

Wave v should carry into the 1160 if not lower. Prices are moving lower following an ending diagonal, so the wave (ii) of [c] of 2 support area may not hold before a substantial second wave bounce ensues.

The larger view has not changed. Within minor wave 3, prices should sell off in a grand fashion well into the 900s in the weeks and months ahead.

blog comments powered by Disqus