2000 Reached

Two updates ago it was found that the best longer-term options are the one above in color or an impulse underway beginning at this month’s low that will complete a larger impulse from wave [2].  If the option above in color is correct, the market can continue higher as a sideways correction unfolds from [3].  In fact breaking the price territory of (A) of [4] adds value to the pattern as proportionality with [2] is sought.  An impulse higher since this month's low can be the 5th wave of an impulse higher since 2014 [iv] or a 5th wave following other 5th waves that are (5) and 2014 [v].  All of these options are important to consider even though the wave count above in color is somewhat stronger structurally.

The market has continued higher and broke 2000 as was predicted (in the last update it was stated that "2000 should easily be taken out next week" and the short-term (days) indicator was marked "bullish").  On the scale above, the peak reached this week can be seen as the completion of a zigzag higher ('a' to [i], 'b' to [ii], 'c' to [iii]) and this works well with the larger context that suggests that any type of sideways correction can be underway since (5).  This requires the sell-off since the top to be the start of an impulse and this is at odds with the short-term action however.  A better option is an impulse still forming since the wave (A) low that is part of a larger zigzag.  This zigzag can then be an 'a' or 'b' wave of a larger pattern such as a flat, triangle, or double beginning at (5).

This is a partial update.  For the important parts of this update as well as the analysis of others, please visit http://ewaveanalytics.com.