7/12 11:30

Prices have declined so far in 3 waves for SPX and COMP and 5 waves for DJI.  If the market makes a new low then that will indicate an impulsive decline in progress.  If DJI goes above 10,200 then that will indicate new highs.  I still expect a correction to below 10,200 lasting through tomorrow.  In the face of a rally this is not cause to sell longer-term trades as new highs lie ahead beyond tomorrow.