The rally that ensued since that time continued Friday before a pullback began in the middle of the day. This is just what the count in Thursday's Update suggested. This pullback may have been an impulse, but a corrective zigzag is favored at this time; the market rebounded strongly into the close with the futures actually closing above the previous day's high 15 minutes later.
In Thursday's Update, it was suggested that wave (iv) bottomed Thursday morning. If there is a new impulse higher forming as suggested here, it would be best described as wave v of (v) as shown in the chart above.
A rally that began in late January is likely coming to an end soon if the impulsive count above is correct. Wave labellings can be pushed forward, but there has been momentum and breadth loss on the move since 2/7 which is an indication of an impulse winding down since that time.
There is no change to the larger view. Notice the near equality between A and C. This is a typical feature of zigzags, not 3rd and 5th waves. If there was an impulse since late July however, there is an alternate count available here.
Note: There will be no update tomorrow; The marked is closed due to the President's Day holiday.
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