Tuesday, August 3, 2010

Tuesday 8/3/10 Market Update

The count has not been modified since yesterday's update; the view is still a completing ending diagonal [c] wave of flat wave 2. If this is not unfolding, a completing double zigzag correction since the 7/6 low is the next best option.

The move down today was likely the 'c' wave of an ending diagonal. An impulse higher likely followed. Within wave a of (v) of [c], these waves have been labeled as wave (C) of [4] and wave [5], respectively. If upward single zigzag wave (v) is not unfolding, then single zigzag wave w of (v) probably is as the alternate suggests.

The decline after today's rally may be wave [A] or [W] of b. The pattern looks corrective but is quite small at the moment in relation to the up move, so a more prolonged correction makes sense if (v) is a single zigzag. On the other hand, an impulsive rally tomorrow will make the most sense if (v) is a double zigzag with [C] of w beginning just before the close today.

The larger view has not changed.

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