On the intermediate term the low established Monday was a higher low than that of early July, and this fact has opened up a multitude of possibilities from an EW standpoint. More information is needed to winnow out these possibilities, so those alternates are on hold for a bit.
The one thing that should be noted is the buy signal generated by Al's Daily Indicator on Monday. A reading in the .50 area by this index has historically been a pretty strong buy, and the indicator bottomed at .584 on that day. Generally this leads to enough bull market to lift the indicator above the 2.00 level. But this can happen without price highs above the level of the peak that preceded the drop to the lows that generated the buy. In other words this indicator can be a good tool if trying to time the top of a counter trend rally.
