Tuesday, August 16, 2011

Tuesday 8/16/11 Market Update

The market posted a loss today, but action has generally been sideways since yesterday's high. The count has not changed since yesterday's update, but price needs to fall quickly to preserve the primary count.

If the primary count is incorrect, a sideways correction should now be underway. A sideways wave can one of many possible corrective waves that work well with alternate counts such as the once listed above.

The market is now in a downtrend since July with a likely zigzag correction complete since the March 2009 low. The expectation is for lower prices in the coming months with an eventual test of the 666 low.

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