Tuesday 6/26/12 Market Update

There is some change to the count from the last update, but the long term view remains unchanged; a zigzag pattern higher since March 2009 still appears to be underway.

The change was made following the recent pullback to a support zone established a few weeks ago.  A wave 2 flat correction above looks reasonable.  As discussed many times in the past, the waves down following the May high look very non-impulsive, so this is a good reason to be bullish.

The bounce following the low reached yesterday has been weak, but an impulse down following last week's high may be incomplete.