Market Update - 7/20/2010

The new primary count is playing out nicely. I was expecting a test of the channel around 1086, we closed at 1083.

If this is indeed Minute wave [c] of 2, we should continue our run up from here. 1100 is the next major target to the upside.

Breaking over the downward sloping channel should create some momentum to the upside.

The alternate count is still alive, but it is almost out of room to the upside.

Any higher from here and this count will be out.

1060 and 1100 are the major pivots for tomorrow.