Monday, May 9, 2011

Monday 5/9/11 Market Update

Given the action today, the count shown in yesterday's update has not changed.

It is difficult to see a good bearish option in the short term. This view is due to the choppy decline Friday and today's sideways action above the 61.8% retracement level shown above. A move above today's high will be bullish development in the short term.

A move under Thursday's low will likely mean a correction that began in late February is still underway.

The outlook remains bullish in the longer term.

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