Wednesday, August 15, 2012

Wednesday 8/15/12 Market Update

The trend since March 2009 is still clearly higher with a new recovery high very close to the current levels.  The very long term view can still be found here.

Even though it is choppy, it is still very difficult to view the upward action since June in a corrective fashion.  With the exception of moving wave (ii) slightly, there is no change to the count since the last update.

After days of sideways action, the market appears to be consolidating before another move higher.  The short term count is one way to interpret recent action; a move lower under (ii) above to complete (ii) is still possible.

As mentioned in Elliott Wave International's publications, I will be teaching a live seminar in September entitled, "Introduction to the Elliott Wave Principle-One Day Seminar". Find out more about this course and read my bio here. Elliott Wave International interviewed me not long ago. Find that interview here.

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