Monday, July 4, 2011

Friday 7/1/11 Market Update

Following a flat that completed two weeks ago, an upward impulse wave still appears to be underway as suggested in yesterday's update. The short term count is still not very clear, but a 3rd wave higher that began last week Monday should now be winding down.

New recovery highs are expected soon as the market continues its strong advance that is now beyond the 61.8% retracement level of the May-June impulse wave lower.

There should be at least one more impulse wave higher for a zigzag since the summer 2010 lows.

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