UPDATE: 5:32pm: Low volume indeed as explained by Zero Hedge
Another massive drop in the VIX today. Based on that, the current wave structure, and what seems to be one more small wave up needed in the NYAD daily count, we can assume the market will try and take one more shot at breaking upwards.
The sideways action of the last week - if it is some kind of wave four - can only relate to the previous up move wave (i) of [c] as noted on the chart. There is too much sideways action to relate this as a wave four in relation to any subwaves that occurred since the 14101.79 pivot low. Therefore this squiggle chart here has been eliminated as a count due to the length of a sideways wave four. Its simply too big to relate to wave ii on the chart as I had it. Of course if a decline starts tomorrow, then we can use the count basically by putting a wave v at the top of last week..
Its kind of a moot point anyways. We have a low volume August, low volatility and the market trying to maintain its gains so it can challenge its previous 2012 high. Can it do it?