Friday 7/20/12 Market Update

There is no change to the count since the last update.  The market continues to retrace much of the decline following the last recovery high.  The trend still seems higher in the long term.

 In the medium-term, the market needs to regain highs soon to preserve the shorter-term count.  The best alternate is a sideways correction underway where the July low will be tested.

The 61.8% retracement level above should hold prices, otherwise a continued fall is possible.