The market certainly didn't cooperate in holding below 1054.25. The previous interpretation was incorrect. Structurally, the price action is still to be viewed corrective but it appears that my comments on August 31, 2010, i.e. " keeping the possibility of a larger upside correction on the table" are unfolding. Today the market traded impulsively. The attached chart includes the new internal structure. While we have satisfied the minimal requirement to count 5 waves up by the fact that wave iii (blue) was exceeded, the market may further subdivide into a larger fifth wave. Should we fail to see any significant follow through, odds favor a wave (ii) purple completion.
Best of Trading
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