With no change to the count since yesterday's update, wave [iv] should be underway as a sideways correction. A flat or triangle are the most simple options.
Wave 3 is looking like a clear impulse winding down. Wave [iii] was slightly shorter than [i] which is not typical, but [iii] is subdividing as most 3rd waves do. Because 3rd waves cannot be the shortest waves, wave [v] should be relatively short.
A nearly complete zigzag lower since the last recovery high is still a possibility.
The market has closed negative for 6 days in a row. This has not happened since February 2009. Regardless of this, the view at this time is an impulse wave down since the last recovery high that is wave 'c' of a flat that began February 2011. There should be at least one more multi-month impulse wave higher following the underway correction. New all time highs are possible.
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