The action today is right in line with the expectations from the last update Friday. The incomplete impulse drawn above should complete tomorrow.
There is little momentum left to sustain the current swing higher. The market is also showing an overbought condition. In addition, what appears to be a zigzag under support last month is a bearish indicator for longer term action.
There was likely a zigzag higher following the March 2009 low. Unless a double zigzag higher is unfolding since that time, a significant top should have been set May 2011.
Errata:
The smallest chart had been showing "C" when "B" was intended. This has been corrected.
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