Monday, May 28, 2012

Friday 5/25/12 Market Update

The action Friday in the context of action following the (Y) low above strongly suggests higher prices ahead in the short term.  If last week's highs are cleared, a bull rally underway will be the clear favorite count.  If this does not occur, a sideways correction underway is probable.

The structure of the decline following the May high looks corrective.  In addition, a continuation of the rally since March 2009 looks most probable for better proportionality between the impulse legs of the zigzag that began at that time.

There will be more infrequent or shorter updates on this blog moving forward.  I will also be in Europe for most of June.

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