After this morning's new high in the rally that began last week 4/18, an impulse lower appears to have unfolded. The rebound at this point looks poised to continue higher and is quite wide in relation to the impulse lower. Since the bounce today does not have an impulsive look, iv may not be complete. The best alternate is a complete impulse wave (i) of [iii].
The view has not changed since Thursday's Update; impulse waves higher should continue in the coming weeks and months. A wave (ii) pullback is near however.
Since 7/1, a zigzag higher is the primary count. The market should be tracing out a corrective wave since March 2009, but this does not mean a new all time high is impossible.
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