The count remains unchanged since Friday's update. Short term action today is indicative of a sideways correction underway; the extra burst during the late morning for a new high following a clean impulsive rally and ensuing steep 3-wave decline gives a corrective appearance to the structure.
There is a good impulsive structure higher since late November that looks complete. This works well with a sideways correction underway as described above.
Also notice the near full retracement of the last impulsive wave lower in November, the last impulse in the 3-wave corrective structure lower. This means the October high will likely be broken.
Because even when taking May 2011 as the high of the impulse that began Summer 2010 there is still a larger retracement than normal for a second wave, and an even higher retracement is expected, the count above is the primary count. It suggests a double zigzag is underway since March 2009. The alternate is a complete zigzag correction since March 2009 with a new bear market beginning.
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