Tuesday, July 19, 2011

Tuesday 7/19/11 Market Update

The market had a big up day today which was likely the continuation of an impulse that began at yesterday's low. The impulse is likely complete as illustrated above. The degree of this wave is not certain at this early stage.

Unless there is an upward flat since 7/12 (the best alternate count on this scale), the expectation is for a corrective pullback into wave (iv) of [i] of 1 of (3) territory before the next leg up ensues.

In the longer term, the expectation is for more recovery highs in the form of a multi-month rally. From June 2011 there should be at least one more impulse wave higher for at least a zigzag since July 2010. All time highs are possible.

My long term view that was written a few months ago is available here (the link appears in the "my essays" section on the right side of this blog).

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