Monday, August 29, 2011

Monday 8/29/11 Market Update

With no change to Friday's update, the market is likely completing wave (4) as the upper extreme of wave 4 of (3) territory is being reached. An impulse that began Friday is likely in its final stages as shown above.

An upward zigzag since 8/22 is the primary view. The primary count is a wave (4) double that is in its final stages. If wave 4 of (3) territory is exceeded by a substantial amount on momentum, one of the alternates above will likely become the primary.

A downtrend that started May 2011 is expected to continue with a test of the March 2009 666 level expected in the future.

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