Saturday, July 20, 2013

Friday 7/20/13 Market Update

Price did correct Thursday and Friday, but a rally ensued that retraced the vast majority of the pullback.  Because two impulse waves higher have unfolded since the Tuesday low and the wave 3 high was passed by a good margin, prices look poised to continue moving higher in an impulse wave that began Tuesday.

Wave 3 might still be underway, but the smaller waves work best with the primary count for 3.  Also the Monday-Tuesday pullback and the size and sub-division of the ensuing rally seem large as members of 3.

The primary count is suggesting the completion of (5) and the entire rally since March 2009 happening very soon, perhaps next week.

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