There is some change to the count since the last update. Given the corrective-looking waves lower Thursday-Friday and near complete retracement of that action Friday, an impulse higher since is 5/1 to the last recovery high is basically the only option. After looking at it with a fresh set of eyes, (a) of [y] counts better as an impulse than I had previously believed and actually seems like a solid option. Its waves ii and iv seem reasonably well proportioned.
The futures opened down and are staying down, so (b) underway seems to be the best option. This would make both of the (b) waves well proportioned, so a move like this makes sense.
The rally since the April low still best resembles a corrective wave. It can develop into an impulse, but this makes little sense with the longer term count.
There are very impulsive options that can be used as valid wave counts, but the market has the "look" of a winding down impulse higher, not one still picking up momentum. The rally since 2009 should be nearing completion but will likely not terminate for months more.
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