Price action has been following the primary count nicely, but since the last update, there has been an important "or" count addition that is visible in the charts below. The alternate count in the chart above has been modified to a bearish count, but it is not a great option.
Like the alternate count the "or" count above is a warning for a high reached, but is a much better possibility; it is a count that looks as good as the primary. A multi-week wave (4) correction within [5] may have started at Friday's high. It should be fairly obvious if this correction is underway as a double zigzag structure higher within (3) looks complete. If there is even a small move above Friday's high, the market should still remain in an uptrend. (3) can develop into a single zigzag with additional upside, but keep in mind that while at this point (3) is not much longer than (1), it probably will be with an additional impulse wave higher to show a single zigzag. In ending diagonals the vast majority of the time, if it is not all of the time, its third wave is shorter than its first wave. So another move higher would bring the alternate' count to a higher standing, but it will not a great option because of the complexity.
The market continues to draw out impulse waves higher, but the entire structure itself looks corrective. A sell-off getting under 1735 will start to make things look bearish in the short-term.
Note: Last month's jobs report has finally been rescheduled for this Tuesday. The release of this report usually creates volatility in the market.
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