An impulse leg higher since November 2011 has likely completed. If this is not the case, a large sideways correction may be underway with wave 'c' down unfolding now.
The downward action since May looks corrective and does not label well as an impulse wave.
An impulse higher that began Monday and completed Thursday should be leading at least one more impulse wave to test the 1335 area. The structure of the Thursday-Friday pullback and rally following strongly supports this. The trend is higher in the short term.
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