Our LT wave had a mediocre month in July.
Expected weakness until the 10th did not pan out, with the market breaking out to the upside on the 6th already. Expected strong period until the 22nd did work out but extended well beyond that date with S&P 500 peaking on the 25th before projected weakness started kicking in. Not a terrible month, but the timing was off by several days.
Here is the LT wave chart for August:
The wave projects ongoing weakness until around the 7th followed by a stronger period until the 17th. The second half of August is expected to be weaker again. The patter is quite similar to the LT wave for July.
Highest daily value comes on the 12th, with lowest values on the 5th and 20th. If the mid-month strong period does not produces a new high (> July high) then the subsequent weak period could be more damaging than the LT wave suggests. Weak periods have mainly given us sideways action in the recent month. That would probably change if we get a lower high and more bearish sentiment.
Good luck.
LunaticTrader 