The count from yesterday's update is still very much valid as prices continue upward.
A good estimate of recent action is a winding down impulse wave wave that began 1/30. This wave should be the 5th wave of an impulse that began at the December low, that is wave [v]. While the post-December impulse wave can continue upward as the alternate count above suggests, this seems unlikely given the longer term action.
The October rally is clearly a 3-wave advance. Since it is difficult to see this impulse in a pattern other than the one described above (a downward flat correction since the May or July 2011 high), a zigzag higher since the November low appears to be most likely. This suggests the post-December rally should terminate soon to bring a good deal of proportionality between the impulse legs of (Y), and the legs of [B] in general.
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