The impulse wave that began 1/13 is likely in its final stages as described in Friday's update, (following the count above) or already complete (following the"or" count below). If prices move under the low today, the "or" count will be the best option.
On a larger scale, the alternate' count above is possible. But because of action just after the "3rd of a 3rd" wave, this count is not favored.
A zigzag higher likely unfolded during October. Thus there has been a counter-trend move within a larger downward wave. But given the massive retracement of the decline following May or July 2011, the rally that began March 2009 is very likely not complete.
The primary count is an underway downward wave x flat since May or July 2011. Wave x is contained in a double zigzag that began March 2009.
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