Thursday 1/12/12 Market Update

Price broke down to just above yesterday's low after the morning gap higher. The "or" short term count from yesterday's update is being used above, so there is no change to the count.


The impulse count since the December low appears to be right on track with market action. A continued grind higher for several more weeks is the expectation.


There is no change to the longer term picture; a correction higher since early October looks likely. This action should be part of the downward correction since the last recovery highs which is within a continuation of the uptrend that began March 2009.