Friday 8/17/12 Market Update

There is no change to the count since the last update.  The market should reach new recovery highs as the trend higher since March 2009 continues.

The core of [3] may have unfolded earlier this month.  It was a steep rally with a shallow corrective wave following, but there is not much separation between the corrective waves directly before and after it.  A large gap higher this week would look better as the core of [3].

Since the low last week Tuesday, there is an impulsive pattern higher developing.