Tuesday 10/9/12 Market Update

There is no change to the count since the last update.  Wave [3] still looks incomplete.

Wave (4) may be complete, but wave C looks a bit short at the moment.  The sharp drop today works well as a 3rd wave down even though this leaves it shorter than the preceding 1st wave.  Because [iii] is shorter than [i], [v] is limited in length.  A move under this limit would likely make the count for wave (4) a double.  Regardless of this, a completing sideways correction is the still best estimate of action since wave B above looks very corrective and nearly made a new high.

In the short term, an incomplete impulse wave down looks probable.  Note that [v] may be complete, but it is a bit short in relation to waves [i] and [iii].