Sunday, July 25, 2010

Friday 7/23/10 Market Update

The count presented in Thursday's update has not changed; the market is in a short term uptrend that should persist for at least several more days. A "3rd of a 3rd" gap up tomorrow may lie ahead. If this occurs, it will be labeled as wave (3) of [3] of iii of impulse wave (c) of zigzag wave [y] of double wave 2. Other impulsive counts are possible following wave (b) including a leading diagonal count. Some alternates are also shown above.

A closer view shows a generally bullish picture; there are no significant impulse waves lower.

Wave [1] and [2] are not typical in form at this level of a an impulse, but the action does resemble the leading waves of this impulse last month.

The larger view has not changed.

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