Thursday, June 16, 2011

Thursday 6/16/11 Market Update

As expected the market continued lower today in the morning, rebounded, but then made another new low. This causes some change to the count in the short term since yesterday's update, but what appears to be a zigzag lower since Tuesday does not change the view that upward corrective wave 4 has been underway.

As discussed in yesterday's update, a flat since February is preferred at this time. If wave 4 of (C) of the flat is underway now as expected, the market should rebound tomorrow and perhaps into next week before 5 begins. Filling the above channel will bring a better shape to (C) but is not a requirement.

New recovery highs are expected later this year.

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