Tuesday, August 23, 2011

Tuesday 8/23/11 Market Update

The market likely drew out an impulse wave higher today before pulling back and rallying to levels above the session's previous high. This action is indicative of a market in an uptrend.

The uptrend is likely small given that little has changed in the intermediate term since yesterday's update; wave (4) is likely underway for reasons of proportionality and simplicity. Because this month's low was not reached, a wave (4) double or triangle are the best options. There are still a number of valid options to describe the action however.

The longer term still suggests an eventual test of the 666 March 2009 low.

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