Update

We’re moving now more towards a resolution on the short term count for the market. It’s quite possible our 4th wave correction scenario is still playing out, but it’s also possible that 1357 ended the correction. No one knows about these things, other than some hints we can look for in the pattern on the prior run up. In this case, we are counting wave 2 as the move from 1267 to 1202. It was a sharp correction, so the concept of alternation in Elliott Wave would suggest that wave 4 should be a complex, more horizontal correction, and the move to 1357 was not. Unfortunately, alternation is a guideline, not a rule, so we can only take that at face value and assess the market as it is. Today, we have what could be a minor wave 3 counting off of 1357. The move for the 5th wave does not have to count like typical impulse waves, so it’s important to keep an open mind and not get caught up in wave counts at the moment and just pay attention to support at 1357 and for right now, resistance at 1388.