Tuesday, July 27, 2010

Tuesday 7/27/10 Market Update

As expected in yesterday's update, today was a sideways trading day. After this period of sideways action completes, there should be another move higher.

The count has not changed. Within impulse wave (c) of zigzag wave [y] of corrective double wave 2, the market is likely completing wave [4] of iii.

An alternative count is above which calls for an extension of wave [3]. This is supported by the fact that wave [1] was slightly longer than wave [3] as marked in the primary count; it is more common for 3rd waves to be longer than 1st waves. The width of today's action looks wide enough to be wave [4] however. As a result, the view is that two more 5th waves lie ahead to complete a significant up move.

The larger view remains unchanged. Prices are near the upper Bollinger band

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