US stocks are at an interesting juncture at several degrees. The following charts focus on the current rip. The upcoming weekend commentary will focus on the longer term structure.
For the near term, the most natural interpretation is that (iii)-up of [v]-up off the Nov2011 low is underway (Chart 1 and 2, blue). The green count in Chart 2 has (iii)-up extending, which is probable.
At the moment, one should not dismiss a expanded flat / triangle correction either (Chart 1 and 2, red).
[1pm] SPX update -
a look at the larger count, see 2nd chart below
[7am] ES update -
