Little has changed since yesterday's update. Wave [iv] should now be complete as a flat. A move above today's high will be a short term bullish development suggesting 4 or something more bullish is underway. This is not expected however given the form of the Tuesday to Wednesday decline and (c) of [iv]'s size relation to it.
With wave [iii] shorter than wave [i], ~1257 is the lowest [v] can reach.
The market appears destined to make a new recovery high and perhaps an all time high. The current zigzag count since the March 2009 lows works well with the long term count discussed last month here.
