Tuesday, August 30, 2011

Tuesday 8/30/11 Market Update

Waves (iii) and (iv) above have moved since yesterday's update, but the larger view remains intact. The impulse that began Friday should be nearly complete.

The completing wave (4) described above should be nearly complete, but the market must top very soon to keep this primary count intact. As mentioned in the last, if the market continues much beyond wave 4 of (3) territory, look for one of the alternate counts above to become the primary. An incomplete impulse since 8/22 is a possibility, but this can be the 'c' leg of a flat.

The longer term view remains unchanged; look for the downtrend to continue.

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