Wednesday, July 27, 2011

Wednesday 7/27/11 Market Update

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.

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