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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