Elliott Wave Update ~ 22 August 2011 [Update 5:20PM]

[Update 5:20PM: A closer look at gold from a daily perspective in log scale.

[Update 5PM: Impulsive down on XLF. Leading the way forward as usual.]

[Update 4:52PM: Gold weekly has indeed hit the upper channel line where (1) - (3) and now (5) connect.]

ORIGINAL POST
Primary count is that the market is Minute [v] of Minor 1 down. It could also be the market is tracing a wave [iv] triangle.  It'll take a few more squiggles to determine which it is. I'm leaning toward a triangle and the b of (b) of [iv] wave is playing out somehow

Today was a huge opening only to be completely reversed and retraced.  It shows there are interested buyers but sellers still have control. Minor 1 will not be finished until sellers are exhausted.