The market climbed higher today by a good margin, but the count remains unchanged since Friday's update. Wave 2 of (5) should still be underway, but is likely in its later stages if the count is correct. There is an another important and not unlikely option to consider however.
It is fairly clear an impulse lower unfolded last week, but it is possible that this wave was the entirety of (5) given that the wave (3) low was taken out. There is actually good price proportionality between (1) and (5).
In the longer term, there is likely an impulse wave lower unfolding since May 2011. A zigzag that began March 2011 will likely be entirely retraced as prices continue lower on this scale.
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