The wave count remains unchanged since yesterday's update; the short term wave count predicted action perfectly. The market has very likely drawn out an impulse wave higher since Tuesday and is now pulling back.
This impulse wave is most likely wave [a] of C of triangle (4) or [a] of Y of double (4). There are less desirable options listed above.
In the longer term, an impulse that began May 2011 is likely winding down. The dramatic selling seen earlier this month is not expected to be surpassed in the coming weeks and months.
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