Friday 6/22/12 Market Update

There is no change to the count since the last update.  A large downward sideways correction still unfolding on the long term scale above is possible.  Since March 2009, a zigzag correction higher is still the best count.

Over the last month or two, waves downward look corrective and not particularity bearish; an impulsive count lower does not come naturally.

Since the low this month, a 3-wave pattern higher is now apparent.  The loss taken Thursday now puts some doubt in the bullish camp however.

In the short term, the structure of the wave down since Tuesday looks does not look bearish.  If the market can break under Thursday's low this view can change.  But for now, higher prices are expected.