Tuesday, September 6, 2011

Tuesday 9/6/11 Market Update

The count has not changed since yesterday's update. Given the preference for symmetry, in the short term it appears that wave 1 of (5) is in its late stages and should complete soon. The next best count is a complete wave 1.

There is a clear 3-wave advance since the middle of August. Given the substantial retracement of the second 5 and entire pattern, there is good reason to believe the August low will at least be tested if not broken.

The longer term count with massive July-August sell-off suggests an impulse lower is unfolding since May 2011. This is bearish given the likely 3-wave advance since March 2009.

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