Friday, August 19, 2011

Friday 8/19/11 Market Update

The count remains unchanged since yesterday's update. Price continued lower today as a downward correction since Wednesday appears to be underway. A correction lower is favored given the larger picture. The short term count can be a variety of things, but an underway double zigzag lower as shown above appears to be the most likely.

For proportionality reasons, wave (4) is labeled incomplete. Other counts are possible and are listed as alternates above.

In the longer term, the expectation is for lower price in the coming months. The March 2009-May 2011 count is a complete single zigzag. Lower price in the coming weeks and months will make the double zigzag alternate count since March 2009 a lower probability. Given the price action Thursday and Friday, the downtrend still appears to be intact.

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