There's no change to our view discussed in A View from a Top (3/15/13). Chart 1 updates the 60-min chart on SP-500 and Chart 2 highlights a number of tracking counts for the proposed final subdivision of the upswing since the November low.
The most bearish count is a truncated small-degree 5th wave in SPX (Chart 2, red count). Note that there is no truncation in the Dow, transports and SP400 under this interpretation, satisfying the minimum requirement of a higher high. Of course, this small-degree 5th wave could extend into a regular impulse wave or an EDT as illustrated in the chart.
Bullish counts in Chart 2 are built on various potential points where wave [iv] could (have) completed. The proposed wave [v] (of 5) would push the market to a moderate new high.
