Wednesday, September 7, 2011

Wednesday 9/7/11 Market Update

The market had a large rally today causing the alternate count in yesterday's update to become the primary count. There is now some doubt about the downtrend in the longer term given the count required above to preserve the count in the intermediate term.

The clear 3-wave rally during August 22-31 and massive retracement of the final impulse is a good indication that a downtrend is still underway in some shape or form. It is possible that one of the alternate counts above will need to be used if prices continue much higher tomorrow. A zigzag lower during August 31st-September 6 is possible for a part in some other complex action during the current sideways period.

The wave action since March 2009 still suggests a sell-off until the 666 low is tested.

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