A stated in the comments on Wednesday, the wave count since the April low is now an impulse wave (the alternate count from the last update). A sideways wave (4) correction back down to 1600 is the best estimate of future action after (3) completes.
The gap higher in early May following the morning employment report looks like the core of the impulse wave since April. There is nice balance and symmetry to this wave, so upside should be limited.
Higher prices in the short term look almost certain. The impulse wave higher following the Thursday low would terminate at 1675 will good symmetry.
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