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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