In the medium-term, there is still a clear 3-wave pattern higher since the 2/5/14 low. If this move is to develop into an impulse, the primary count is correct. A good second option is a sideways wave [4] still developing (alternate'). This is not the favored option because it is adding complexity to the picture; waves [2] and [4] are already proportional to one another. An ending diagonal wave [5] is possibly underway, but this is not a very common pattern.
The waves the last two weeks have been very challenging to read. There may be a two zigzags lower from the Tuesday high, but there is not much proportionality between the 'b' waves of these zigzags. A better option is the impulsive option illustrated above. Note that wave [iv] can be a second wave if alternate' is correct. It could also be an 'x' wave within alternate''.
The C impulse down from the Tuesday high can be complete, but so far there is only marginal proportionality between [ii] and [iv]. [v] is also quite small relative to [i] and [iii]. A greater retracement of (1) would bring greater balance to flat (2).
The long-term view remains unchanged from the last update. The shorter-term charts above strongly suggest new all-time highs ahead.
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