Monday, October 3, 2011

Monday 10/3/11 Market Update

There is no change to the count in Friday's update. The core of 3 of (5) appears to have completed today with 3 now beginning its wind down. There are various counts to describe short term action with perhaps the best option above.

There was an acceleration to the downside today with the September and August lows breaking. This break was the expectation.

The market looks oversold, so a flat underway since the second low in August is a reasonable possibility.

An impulse should be underway since May 2011 with a bottom expected soon. Perhaps this happens later this month at summer 2010 support.

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