Sunday, August 5, 2012

Friday 8/3/12 Market Update

There is no change to the long term view and most of the count since the last update; the market should reach new recovery highs soon.  When this happens, there will be a riding wedge pattern so some caution should be used.

There are still higher highs and higher lows over the past few months.  A sideways correction is possible, but the complexity of this pattern is now quite extreme.

In the short term, an impulse wave higher likely unfolded since Thursday.

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