Thursday, July 22, 2010

Thursday 7/22/10 Market Update

The market moved higher today filling the 7/16 gap. Although the count suggested in yesterday's post was not anticipating this move immediately, a full retracement of the decline since 7/15 was expected since the decline began.

An impulse wave higher since 7/20 should be underway. This should be wave (c) of zigzag wave [y] of double wave 2. Resistance in the 1130 area should stop the rally.

While it is possible wave iii of (c) was seen today, the near overlap of 1st and 4th waves makes this a bit doubtful. The wave higher today was also shorter than wave i of (c). Wave [2] of iii as labeled is quite shallow (about a 23.6% retracement), but today's action does resemble the 6/10 action seen last month which preceded the point of recognition 3rd wave higher.

The larger view remains unchanged.

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