The market lifted off to the upside completing what appears to be a clear impulse wave. Impulse waves are always part of larger patterns which in this case must be a pattern to the upside. The overlapping of the last few days of choppy waves gives a bullish appearance of the market, at least in the short term.
Following the message regarding higher prices in yesterday's update, the alternate count is now the primary count.
Given the size of the subdivided impulse wave seen today (in relation to [i]) and shallow correction following, a zigzag higher is the most likely view. Since wave [iv] is already larger than [ii], a zigzag higher is best suited as wave (i) of ending diagonal wave [v]. Expect a continuation of the rally for at least several days, probably more than a week, it the count is correct. There should be higher prices tomorrow, but (ii) should also begin to the downside. (ii) will likely retrace more than half of (i).
A wave C that continues further in time without much advance in price works very well in the context of a wave (Z) zigzag. Any continuation will also create an amazing bullish extreme which should position the market well for a decline following a major top.
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