There was strength in the market today, but the view from yesterday's update remains unchanged; the expectation is for a resumption of the downtrend in a variety of scales.
Over the past week or two, there is still a generally impulsive downward wave followed by a somewhat choppy, corrective looking rally. The shorter term has a somewhat bearish appearance, but the market should stop its upward advance tomorrow now that essentially the 61.8% retracement level of the last swing low has been reached.
The trend is very much up in the intermediate term, but it is extremely had to deny the corrective characteristics of this rally.
The decline following May 2011 has an impulsive-looking structure. Considering the action since March 2009, a continuation lower is probable unless a double zigzag since that time is underway (not a bad option).
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