It should have been clear early this morning that the short term count presented in yesterday's update was on shaky ground at best. The market posted a huge loss today which is very likely a 3rd wave lower.
Using the wave (2) flat idea from yesterday's update, a wave C impulse since 7/22 is the primary view.
The expectation in the short term is a bounce tomorrow followed by another impulse wave lower. This wave will likely complete under the low seen earlier this month.
If the correction that began February 2011 is not complete, a double (or larger flat) since that time is possible.
blog comments powered by Disqus