Sunday, July 28, 2013

Friday 7/26/13 Market Update

The "or" count in the last update is now the preferred option.  This is due to the rebound seen Friday that so far looks like 3 waves higher.  3 waves here is more bullish than a complete impulse higher in the same position because it makes a flat higher since Thursday within an impulsive downtrend a weak option.  So there is probably another impulse wave higher underway since the Friday low which will take the market to more all-time highs.

A mentioned in the past, the longer term view works well with an incomplete wave (5) because proportionality with (1) will increase.

The market may arrive at a significant top in a few weeks.  This is what the primary count suggests.

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