Thursday, August 11, 2011

Thursday 8/11/11 Market Update

The market had a large gain today but only regained yesterday's losses. A zigzag higher since Tuesday appears to be the best count but may not be complete. Moving forward, a retest of the low this week is expected.

The count in yesterday's update has not changed. A sideways wave (4) is the best estimate because alternation with wave (2) is typical and the short term wave count since Tuesday is typical of sideways action. Wave (3) down is the best view given the sharpness and price distance relative to (1).

A new bear market should be underway with a zigzag since March 2009 complete. The expectation is for the region around 666 to hold.

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