Thursday 5/10/12 Market Update

There is no change to the count from yesterday's update.  The short term action suggests that an upward sideways correction is underway (following the alternate count above) or that the market is correcting downwards following an impulse wave higher that began yesterday (this is the primary count above).

The primary count illustrated here is preferred due to the larger picture over the past few months; it is difficult to visualize a bearish count given the action following the April high.

In the longer term, the trend is still higher.