Wednesday, June 29, 2011

Wednesday 6/29/11 Market Update

There was a gap higher today that was perhaps the core of an impulse that began last week. So using a short term option in yesterday's update, a new impulsive rally following a downward flat since February should still be underway.

The wave 4 high was surpassed today with near crossing into wave 1 territory. From an Elliott perspective, a complete impulse down since May is likely.

It is possible a significant high was reached with an impulse since July 2010, but a flat since February is still more likely. New recovery highs are expected.

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