The market bounced sharply last week. As stated in the
last update and earlier, the structure down since the last all-time high has a very corrective look. A bounce ensued late last week. The short-term wave count has been adjusted to account for this action, but the primary count on a larger scale still remains unchanged.
A triangle wave
[4] appears to be underway. The upper dotted purple line, a line symmetric to the solid lower purple line, is a guide for the termination of
(D).
It is line symmetric to the solid lower purple line
If the primary count is not correct, the corrective wave lower since the last all-time high can be worked into the structure in other ways indicated in the alternate counts listed in the chart above. No matter what the correct wave count is, all-time highs are expected in the near future.
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