The rally continued into the seasonal strength around July 4th, however a spiral turning point is due now, and the waves can be counted as an extremely bearish 1-2-i-ii implying a wave iii of 3 down is going to start next week. Other alternate wave counts suggest that the June 24th low was the bottom of wave 1 and so we may bounce higher before wave 2 completes. The most bullish count is that the June 24th low was the end of the correction, and we are going to make a new high in a bull wave 5 continuation of the rally off the 2009 low.
See also my earlier comments.
Posted: July 6th, 2013 under Stocks.