Monday, July 26, 2010

Monday 7/26/10 Market Update

There was no gap higher today, but the larger view presented in Friday's update is still very much valid. No changes have been made. Prices should press higher into the 1130s this week but with low volatility.

Please note that the white alternate labellings above suggest a wave 2 completion due tomorrow. A move above 1121.5 invalidates this count (wave iii cannot be the shortest wave).

The labeled wave [3] should complete tomorrow morning. It would be nice to see 1022 reached, otherwise a level short of that will be the top of [3]. Tomorrow should be a generally sideways day with ~1108 used as support.

The larger view has not changed.

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