There are some changes to the wave possibilities moving forward. With some closer inspection of the late 2011 action, an impulse and flat+triangle+zigzag double in the [D] and [E] wave positions is possible. This makes a bullish impulse wave higher since the 2009 low possible. Meanwhile, the previous alternate counts have been abandoned because of proportionality problems.
The reason for revisiting older waves comes down to the current sentiment given the expectation for an approaching significant top. Many people still seem pessimistic about the economy which is surprising if the primary wave count is correct. On the other hand, the fashion, style, and music of the time still seem indicative of more correction to come. It is going to take more information--additional wave action found in time--to determine what will happen in the years to come. Longer-term charts are still available here.
The rally higher this month is clearly bullish due to the 3 waves higher in the current position. As suggested in earlier updates even before the breakout and still remains the case, it is extremely likely that there will eventually be new all-time highs. So it is possible that the "or" wave count is correct and the market will soar to new highs in the coming weeks, resolving the proportionality problem between waves (2) and (4) above.
The market looks to have completed an impulse higher since the Wednesday low and looks a bit over-extended in the short-term, so a pullback should begin.
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