Friday, September 9, 2011

Friday 9/9/11 Market Update

The market took a large loss today. Considering only the waves, there is again no change to the previous count in yesterday's update.

The market can be viewed as being quite oversold given several moving averages of the TRIN. It is difficult to imagine the market continuing lower through the August lows with an underway wave (5), however the primary wave count above still looks most probable when considering nothing but the waves. The best alternate is sideways action continuing which will delay the eventual break that looks highly probable from a wave perspective.

An eventual test of the March 2009 666 low is expected due to the 3-wave rally since that time.

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