Thursday, September 29, 2011

Thursday 9/29/11 Market Update

The action lower today is in line with expectations in yesterday's update. The count is unclear in the short term but there are likely several impulse waves lower. Taking this chart alone, a correction lower underway or complete is possible.

The rally that resembled a zigzag that began last week that is being substantially retraced. A move under the September low is most probable, however the entire sideways correction beginning last month is not particularity clear. The alternate count above which suggests an incomplete wave (4) flat is not a bad count, although (4) will be getting a bit wide by the time this pattern is complete.

In the longer term, the 666 level should eventually be tested given the zigzag rally from March 2009 to May 2011.

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