Sunday, May 29, 2011

Friday 5/27/11 Market Update

The market continued higher Friday, then pulled back in a corrective manner. This action causes no change to the bullish view in Thursday's update.

The short term action after [ii] (or second wave of other degree) is not clear, but at least one impulse wave after [i] should be complete.

Following running flat wave (2), impulse waves higher should unfold. A move above Friday's high will also be a [ii]-[iv] line (upper blue line) breakout. This should occur soon to preserve the bullish view.

A move below last week's low may be part of wave [v], but anything under 1306 will likely be classified as a continuation of [B].

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