Monday, June 27, 2011

Monday 6/27/11 Market Update

Due to the rally today, the alternate and primary counts from yesterday's update have been reversed. The most likely estimation of the action to Thursday is a complete wave 5 of flat wave (C) for a significant bottom.

Looking at basic form, a wave [ii] of 5 flat or double is possible, but the sub-waves make this very difficult to count.

Moving out of the upper channel above and beyond wave 4's termination will be a bullish development.

In the longer term, at least one more multi-month motive wave following a February-June flat is expected. New all time highs may be seen.

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