The primary wave count is now a completing wave [4] correction still underway. The change is due to the small correction seen Wednesday-Thursday then impulse wave higher following. The market has shown great strength during the rebound since 2/5/14, but momentum appears to be waning. If a 3rd wave is underway within [5] as alternate' suggests, the market will need to continue rising for weeks more without any notable pullback and this seems unlikely.
Wave [4] should be a triangle or flat correction. If it is a triangle, prices do not need to reach the last all-time high. If it is a flat, prices should get closer to the last all-time high.
The correction on Wednesday-Thursday was large enough to suggest that an impulse wave higher terminated on Wednesday. The core of the wave higher that began on Wednesday appears to have been Friday morning with the primary wave count and "or" wave count describing it well. The wave looks poised to stop at the last all-time high if it did not complete already.
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