The market is in a very similar place as it was yesterday at the close; there is continued sideways action with within a triangle-looking pattern. The triangle drawn yesterday was premature, a larger pattern was being formed. Regardless, the market is still poised to move higher.
Notice the (c) wave shown on the chart, it is the most complex of the labeled waves within the triangle. This is a normal phenomenon according to page 51 of the book, "Elliott Wave Principle: Key to Market Behavior" and supports the wave count shown.
Some wave relationships are as follows: (a) and (c) are almost equal, (a) and (c) are about 78.6% of (b), (e) is about 50% of (a) and (c). There are no nice 61.8% relationships but the triangle pattern still appears to be valid in terms of wave structure; the waves are not impulsive but of a zigzag nature and there is no wedging.
Some Fibonacci targets are shown in blue (length of wave [i] extended from (e)) and pink (length of the widest part of the triangle [iv] wave from (e)) and are similar to yesterday's but are slightly lower. If 991-993 is passed, 161.8% targets are around 1001-1005 (not shown).
Problems:
Unclear wave structures on the broader rally.
Alternatives:
Some larger correction is forming.
A different correction has already taken place with an ending diagonal forming.
(e) has not yet completed.
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