Market Forecast – UPDATE as of 07-29-10

I commence with my humblest gratitude to The Most Benevolent, The Gracious for the countless blessings and ability to share with others

I am asked about my forecast for the direction of the markets. I have previously stated that I expect the markets to fall hard, real sell-off. If the sell-off continues, as I see it shall, then it shall go until the August first week, most probably 4th/5th of August. Even today, there was bull trap, as there was on Tuesday.

I posted this chart before the US market open and then see the result thereafter the forecast.