Monday, May 14, 2012

Monday 5/14/12 Market Update

The count has changed a bit in the short term since the last update.  To me, the waves over the past few months are still strongly suggestive of a sideways correction underway.  But the market needs to move higher in a hurry, otherwise a bearish option will become the primary count.

Another impulse down likely unfolded since the high on Friday.  The market must rally tomorrow to preserve the count above.

The longer term trend is still higher.  An impulse following the November low is possibly complete.

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