There is a change to the count since Friday's update. The structure of B is still a double, but the labellings have changed. An impulse lower following yesterday's high appears to be complete with B now reaching its termination.
The market needs to break down to preserve the alternate impulsive count to the downside. On the other hand, the market needs to rally quickly and take out resistance areas above to create a more bullish look to the waves this month. But as discussed in the past, the structure of the waves at the highs of this month are a strong indication that the market is correcting to the downside. In Addition, the the October-November correction and its retracement strongly suggests the market is in a larger uptrend.
In the longer term, due to the form of the October rally, a downward correction appears to be underway since May of August 2011.
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