Continuing higher today, the market posted another nice gain. The short term count is not crystal clear, but a series of 4th and 5th waves should be winding down an impulse that began last week.
With prices reaching wave 1 territory today, it should now be clear, if it was not already, that the bounce since 5 is at least correcting the entire decline since May.
The March-April rally works best as a zigzag given the larger picture. Given this and the 5 waves down since May, a flat from February-June is the primary count. It is not exactly clear where this corrective wave fits into the larger picture, but it is likely wave 'b' of a zigzag if not wave '2' of an impulse.
Note
The market is closed Monday July 4th.
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