Sunday, September 25, 2011

Friday 9/23/11 Market Update

The last update was one week ago. There is not one change to the count since that update.

Prices pulled back for wave [b] before testing resistance via an impulse wave, wave [c]. This movement completed a zigzag which is likely wave Y of (4). A breakdown resembling an impulse wave followed.

A double zigzag wave (4) should now be complete with wave (5) underway. As mentioned here many times, it is likely that the August lows will be broken.

The longer term count suggests an impulse is underway since May 2011.

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