Wednesday, August 4, 2010

Wednesday 8/4/10 Market Update

The view that wave b of (v) of [c] of 2 is completing has not changed since yesterday's update.

Please keep in mind that a b wave triangle may have completed today. If this is the case, look for a wave c completion this week, perhaps tomorrow. c should carry well into the 1130s.

Due to the choppy waves following the possible triangle, the complete b wave has been labeled an alternate. If the count above is correct, look for an impulsive move lower tomorrow to perhaps 1118 as wave (C) of [Y] of b. This flat wave [Y] correction is speculative however; it is not clear what the next move will be at this time.

The larger view, that a significant top is in place in the April-May area, has not changed.

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