Sunday, July 24, 2011

Friday 7/22/11 Market Update

The count since Thursday's Update remains unchanged. A set of 1-2 waves higher still appears to be unfolding. The expectation is still for higher prices within wave 1 of (3) or (3).

The best alternate is a 'b' or 'x' zigzag family wave higher to test the July high for a downward correction underway. The large retracements of the May-June and July pullbacks are bullish signs from a wave perspective.

New recovery highs are expected. Given the waves, it is difficult to see a bearish picture at this time.

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