It was originally stated that there would be no update today, but I happen to have some unexpected time today.
The count has not changed since yesterday's update. The expectation was for range bound trading to continue into next week, but a wave B double correction may now be complete with termination under the support established this and last week. Unless prices plunge tomorrow, a zigzag lower appears to have been drawn out following yesterday's high.
If the short term count above is incorrect, the next best guess is an incomplete [x] wave flat or triangle.
There is now decent proportionality between wave B of (W) and B of (Y). Otherwise nothing has changed in this view of the market.
For reasons discussed yesterday, a test of the May and August highs is expected. This would be a bullish outcome suggesting a bullish 2012. In the longer term, the pattern since March 2009 is still bearish as a complete single zigzag or incomplete double zigzag however. Click here for the long term view published in May 2011.
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