Prices continued lower today which was initially in line with yesterday's update. But the strong rally into the close was a signal that the impulse which began 5 trading days ago was complete. This in turn is an indication that the incomplete wave (4) flat alternate count is now a better choice. It has been marked as the primary count.
A zigzag to a new low in a downtrend is usually an indication that selling will resume after an underway upward correction completes.
There is nothing present to change the view that an impulse since May 2011 is still underway.
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