Monday, August 23, 2010

Monday 8/23/10 Market Update

In Friday's update it was suggested that the market would move higher to complete wave ii before strong selling. Although today's selling did not fall under Friday's low, a 3rd wave decline appears to be in its early stages.

A "point or recognition" sell-off should be coming today or Wednesday that may or may not be a gap down. The current sell-off should accelerate to the downside tomorrow. Resistance in the 1010 area should provide some support for what should be a completing wave (i) of [i] of 3, but there is nothing saying (i) will hold these levels.

The larger view still calls for an eventual break of 1010.

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