From Reuters: "Howard Silverblatt, an analyst at Standard & Poor's, said that based on records dating back to the late 1960s, the S&P 500's percentage and point gains at [today's] open were both records. The broad-based index jumped 52.97 points at the open -- a gain of 4.8 percent." The percentage drop of the VIX was also a record.
At the close, advancing stocks on the New York Stock Exchange outnumbered decliners by 19 to 1. The S&P 500 closed 48.85 points higher.
The magnitude and breadth of today's advance work best as a 3rd wave. The count suggested in Friday's Update works very well with this idea, so the larger count today remains unchanged. A detailed idea of the short term picture can be seen in the 1 minute chart above. Another option that seems somewhat less desirable is shown in the 1 minute chart below. Both counts however suggest today's advance is the "3rd of a 3rd" wave of C of (Z) of [2].
Wave [ii] in the above count seems quite wide. Again, this is the less desirable option.
A 30 minute chart above illustrates the desirable count. Wave C seems less likely to truncate if the subdivisions preceding today's gap have been identified correctly.
The larger view remains unchanged.
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