Saturday, May 12, 2012

Friday 5/11/12 Market Update

There is no change to the count from Thursday's update.  There are many good options in the short term, both bearish and bullish.

The wave down this month looks like an impulse lower, however the waves preceding this following the last recovery high do not support a new downtrend underway.  It is fairly clear that a sideways correction is the best count at this time.

The trend is still higher in the longer term and there is no change to the count.

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