Daily System went from long to short this morning. This is starting to look a decent correction is shaping up.
As I said in my last Long Term Update, I thought that the next major correction would be an Intermediate wave down. However I was expecting another wave up into the end of the year before that Intermediate correction would take place. ... Now, I am not so sure. This correction is really looking like it could have some legs to it.
So if my large count is right and the next large correction (that we are possibly in right now) is an Intermediate wave down, as I said in my last Long Term Update: ... will be an Intermediate pullback (think the Apr-June 2010 pullback and not the May-Oct 2011 pullback)