Wednesday, August 24, 2011

Wednesday 8/24/11 Market Update

The market continued higher today which should not a surprise given yesterday's update.

An impulse higher as described above appears the be the best option, but it is not the only possibility. In the short term, not considering the longer term action, a set of 1-2, 1-2 waves higher is a good option.

The longer term counts have not changed. Many options remain including the same alternate counts mentioned earlier. A double zigzag lower still underway since the wave A high is the best alternate. Note that waves (4) and (5) are possibly complete, but this is not likely.

Over the past few months, the trend is still down. An impulse lower since May should be winding down.

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