Friday 3/21/14 Market Update

The primary wave count from the last update remains unchanged.

The rise to a new all-time high is bullish and suggests that there can only be a decline to the 1825-1840 area before another new all-time high is seen (alternate'').  If this level is not seen first, there should be at least a 5-wave structure higher from the 3/14 low (alternate', primary).

The waves higher this week are best seen as impulse waves which makes alternate' a lesser option than the primary wave count.