The market completed what appears to be an impulse higher that began late in yesterday's trading. The last recovery high was not taken out however, prices corrected beyond the 61.8% retracement level of the impulse, and that impulse is very small in relation to (i) of [v]. Because of these observations, there is good reason to believe the market is still in a corrective pattern that began at Friday's high. A flat seems to be the most simple view.
It is possible wave (iii) completed today following a complete wave iv of (iii) yesterday, but a more clean count is the one shown above.
The impulsive count since 3/16 still looks accurate although the action over the past week is not entirely clear.
Prices should reach at least 1344 before any large decline has a chance of ensuing. This level may not be reached until next week.
