Friday 7/27/12 Market Update

There is no change to the count since the last update.  New recovery highs should be seen soon as the uptrend since March 2009 continues.

While an upward correction since the June low is still possible, the retracement of the last sell-off after the last recovery high is quite high making this option unlikely.  A downward sideways correction of some degree is the most bearish count considered.

In the short term, there is likely an impulse wave higher still unfolding.  The labellings for this wave are not entirely clear at this time.