Wednesday, May 16, 2012

Wednesday 5/16/12 Market Update

There is a slightly different count in the short term since the last update.  This change follows the spike higher this morning. There is still wedging in the down move over the past few weeks which is a bullish pattern.

At this point it may seem like I am emotionally invested on the long side.  But the intermediate term waves such as the fairly clear 3-wave action for the April-May rally strongly suggests that a sideways correction is underway since February or April.

Wave [v] may be complete or nearly complete.  But at least higher highs and higher lows are needed before any bottom can be assumed; the short term trend is still down.

In the longer term, this is still a small pullback within a larger uptrend that began in Autumn 2011.

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