Wednesday, June 15, 2011

Wednesday 6/15/11 Market Update

The market made a large move lower today. The count is still a completing wave [iv], now a more complex version than the one seen in yesterday's update.

A complete wave [iv] is possible, but the Monday-Tuesday rally is difficult to view as impulse wave (c) of [iv].

Wave [iv] is also noticeably smaller than wave [ii]. This suggests a continued correction before [v] begins.

The expectation is for new recovery highs following what appears to be a flat correction since February.

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