With today's rally, there now appears to be two impulse waves higher since yesterday's low. As discussed in yesterday's update, the most desired count for [v] is an incomplete single zigzag. Given that the action since Tuesday makes it difficult to describe a complete or completing wave (b) of [v], this view has changed.
Wave [v] is sufficient in size to fit amongst its wave [i] and [iii] counterparts. Momentum will need to continue to gain strength to the upside should the labellings be found correct.
New recovery highs remain the expectation.
Note
The market will be closed Monday 5/30 due to the Memorial Day holiday.
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