Wednesday, August 17, 2011

Wednesday 8/17/11 Market Update

Sideways action continues.

The action over the past several days is looking like basing, not topping. The short term action is not clear, but the larger view still suggests an impulse lower is unfolding since May. Wave [iv] should contain wave (4), so price needs to reverse soon to preserve the primary count.

The market is in a downtrend following what appears to be a zigzag since March 2009. The expectation is for lower prices ahead unless a double zigzag since 666 is underway.

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