Saturday, July 16, 2011

Friday 7/15/11 Market Update

Little has changed since the last update; the market is in correction mode following an impulse wave that began mid-June. The degree of this impulse has changed as suggested may happen last week, but the structure remains the same.

The wave action since 7/7 is corrective in nature with a good amount of overlapping waves. The count of what should be corrective wave (2) is not exactly clear, but a triple zigzag is actually the most probable given the wave action.

A continuation lower is probable given the sideways action since Thursday and downward action since Wednesday. I move under 1300 that sticks is a warning that the count is wrong.

The market should continue higher later this month.

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