Bottom line: The violation of last Friday's high in many indices seriously challenges the near term bearish scenarios outlined in the Weekend Update. Thus it is a good idea to highlight first the most probable (subjective) new term bullish count. That said, one particular count still tracks the price action well within the near term bearish context.
Bullish count - The market is in wave [v] of an impulse wave advance since the 2/5/10 low.
Bearish count - A small degree second wave (with respect to last week's high) is approaching its end.