Tuesday, September 13, 2011

Tuesday 9/13/11 Market Update

The count has not changed since yesterday's update, but prices must turn lower very soon to preserve the short term count.

If the short term count is incorrect, prices will likely continue rallying, possibly following the alternate count above. The August-present sideways action looks very corrective. An eventual break of the August lows is expected.

The market is likely tracing out an impulse lower since May 2011. The longer term action remains bearish.

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