The three-wave decline from June 11 to July 8 was deep enough to lock in the previous rally from the March low as a complete pattern. In our opinion, that March-June rally can be counted as having five waves, but it is impossible to count the overall pattern in an impulsive fashion. That is because the smaller degree waves were themselves corrective in structure. That means that the “strength” from the March low is best counted as a bear market rally.
That view is bolstered by the idea ...
The above is the opening to our Short Term Review, which we released yesterday. If you would like a copy, please send an e-mail to wmgallc@gmail.com.
Monday, July 20, 2009
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