Thursday, July 15, 2010

Thursday 7/15/10 Market Update

A break below 1087 did occur today, but prices bounced back in an impulsive fashion. First yesterday's low was crossed, then yesterday's high was crossed. The count has been modified slightly as a result of today's action. The larger impulsive view suggested in yesterday's post has not changed however.

Prices should consolidate, then push higher tomorrow to complete an impulse that began at today's low. It is possible that the next push higher completes the entire rise since 7/6. This in turn could be the completion of wave 2 as marked is the alternate above with [b] wave completing 7/6 is correct.

The larger view remains unchanged.

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