Wednesday, August 10, 2011

8/10/11 Market Update

The market sold off today, but the action since yesterday's low is still line with the completing sideways wave 4 suggested in yesterday's update.

It should take weeks more for wave 4 to complete. At this early stage, it is hard to identify its corrective structure. In the longer term, the count remains unchanged.

The market should continue lower following what appears to be a significant top in May. A double zigzag since March 2009 is still possible, but breaking yesterday's low will make this option a lower probability.

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