Market Update - 8/13/2010

The choppy and side ways action over the past few days was what was expected of subminuette wave iv.

With the down move late in the day today, I think there is a good chance that wave iv has ended and we have started wave v.

Wave v should take out the current lows made yesterday. The target is somewhere around 1060 for now.

Of course, wave iv may not be done yet, but I don't think there is a lot of upside left. If we do get a massive up push, the alternate count is that wave (i) has already ended.

The Russell shows a more clear version of the alternate count.