Friday 8/31/12 Market Update

There is no change to the long-term count since the last update.

The structure of the waves over the past few weeks suggests the market is completing a sideways correction since the last high above.  The support established over the past few weeks should continue to hold prices.  If this level breaks noticeably, look for a test of the June lows as the pattern since that time will be more corrective looking than not.

Upward action since the low Thursday looks choppy which is a corrective sign.  The range over the last 2 weeks should hold prices until 4 has better proportionality with 2.