The market made a small gain today as it continued to drift higher. The best count at this time is still an impulse completing since late January. Wave v of (iii) of [v] should be nearly complete, but it is possible that there was no wave (ii) as shown above (so (i) and i are part of the same impulse wave). If this is true, then (v) of [v] should be nearly complete.
If there is a wave (iv) ahead, look for it to be short in duration so it is proportional with (ii). A move under 1311 is an indication that the alternate above is correct.
[v] should complete the impulse since late November. That would be a significant top suggesting at least a multi-week correction in the near future.
The count shown in Friday's update has not changed with the exception of removing the wave v of (iii) label. Given the series of zigzag-looking waves higher, there may be an ending diagonal forming as described above. This is the best view at this time.
Note that it is possible the entire impulse since late November completed today; this is possible if the alternate described under the 30 minute chart above is correct (a more simple wave [v]) and if an ending diagonal that began Friday completed today. It is currently 5:15pm EST and the futures are trading near the day's lows. This is an indication that at least the ending diagonal may be complete.
There is no change to the longer term view. There was an alternate count and larger view presented here a few weeks ago.
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