A continued uptrend since March 2009 is still expected as a complete wave count since that time looks very unlikely.
The sideways action the past few weeks has brought some uncertainty to the short term action. But this action very much resembles a correction where an eventual clear breakout above the current resistance should occur.
The best way to describe the short term action is up for debate, but the one labeled above looks good. The "or" option is also not bad although it is a bit more complex. Tomorrow the impulse that began yesterday is expected to terminate above Monday's high.
Note: The market is closed Friday due to the holiday.
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