Wednesday, July 6, 2011

Wednesday 7/6/11 Market Update

After considering many impulse counts over the past hour, the preferred view since 6/27 has remained unchanged since yesterday's update. The fewest proportionality concerns are present in this primary count. Alternates are listed above in order of preference.

Waves iv and v of (iii) should now be complete with (iv) likely complete. The market should move higher tomorrow following (iv). Notice that even if the primary count is wrong, the next best alternate is an underway zigzag wave (b) of [iv] higher which is essentially the same action as the primary count anticipates.

The wave 2 highs may temporarily stop the strong upside action for several days. Note that a sideways wave [iv] is expected.

Prices are holding above the 61.8% retracement level of the May-June decline which is not typical for a corrective bounce.

New recovery highs and a multi-month rally are expected.

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