Sunday, August 12, 2012
Friday 8/10/12 Market Update
There is no change to the count since the last update; a new recovery high should be seen soon as the market continues its uptrend. The next recovery high will reveal a wedging pattern since the low on the chart above. This is a bearish pattern, but the wedging can disappear if the rally continues pushing higher. All-time highs are certainly not out of the question in the near future.
There has been a gain in momentum to the upside. If the count is correct above, continued strength with a spike higher is expected. A wide sideways correction down still underway since the last recovery high is the alternate count.
In the short term, a downward sideways correction appears to have been underway for several days.
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