Thursday, July 21, 2011

Thursday 7/21/11 Market Update

Showing continued strength, the market continued higher today. The best count continues to be a rally within wave (3), probably wave 1 of (3), as shown above. The count has not changed since yesterday's update.

From a wave perspective, new recovery highs are almost certain given the large retracements of the May-June and July pullbacks.

The best count by far is a February-June flat with a developing impulse higher now underway. My long term view which was published 5/1/11 is still available here.

The next update will be Sunday.

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