The count remains unchanged from Friday's update. It was stated yesterday that a bit more downside today following Friday's big loss would make sense. This is what occurred today. There was an impulsive-looking rebound following.
The wave [4] triangle count looks strong at this point, but the market needs to rebound sharply soon. This will help rule out a downward impulse lower still underway that began at this month's high. Even it this is an impulse down, the major retracement of the April swing lower paints a bullish picture in the longer term. The alternate count above is a reasonable assessment of action if the market does not rebound this week. A sideways correction still developing looks like a clear favorite over any bearish count.
The longer term view still shows an upward trend. Action should continue higher to new recovery highs as prices approach and perhaps reach all-time highs.
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