Thursday, July 19, 2012

Thursday 7/19/12 Market Update

There is no change to the count since the last update.  The rally should continue higher as (3) unfolds.  More subdivision within (3) is possible, but wave 3 of (3) underway is the most simple count.  If this is correct, clear strength in the market should be apparent soon.

With the 61.8% retracement level of the last decline being crossed for the third time, there is now a small chance that a bear market is beginning.  The best alternate is a large downward sideways correction unfolding since June or May.

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