The count shown in yesterday's update an in earlier updates this week has not changed. A new corrective low was reached today that appears to be either zigzag wave (i) of [v] or part of [b] of 4. Either way, the market looks poised to continue lower Monday in a non-impulsive fashion.
~1257 is the limit for wave [v], assuming it did not complete Wednesday.
In the longer term, a zigzag following the March 2009 low should be underway. It is possible to label c complete, but a better count is the triple zigzag also suggested above. The triple zigzag count suggests less upside than the single zigzag count above. The zigzag structure to new recovery highs last season suggests additional recovery highs later this year. Because of the already large retracement of the 2007-2009 decline, new all time highs are possible.
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