It was stated yesterday that the market should move into the low to mid 1130s after finishing the sideways action that began 9/30. This is exactly what happened, but the bounce that followed was very weak and choppy. Because of this development, the alternate count that was used in Friday's update (the primary count in Thursday's Update) is once again the primary count. A move below 1120 will invalidate the alternate count above while a move under 1130 will make the alternate a very low probability.
One way to count an impulse following the 9/30 peak is illustrated above with a second option also shown. In my opinion, the best view is a completing wave iii lower. From an Elliott wave perspective, tomorrow is an important day that will guide our way to the correct count.
Prices are slipping lower following what may have been a significant a top. It is essential that the market close higher tomorrow if the rally is still intact.
A decline that will take prices under 1000 should be underway.
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