While today's new high on a visual five wave advance from yesterday's low can very well be the 5th wave off the March 6th low (Chart 1, blue alt), the disproportionate size of the correction last week raise the odds of the following possibilities.
[near term bearish] Wave 4 off the Oct2011 low is a flat/triangle (Chart 1, blue). Note that INDU is yet to make a new high.
["super bullish"] Wave [iii] of wave 3 off the Oct2011 low is still in progress. The recent high is (iii) of [iii] of 3 which coincided with the RSI peak. (Chart 1, green).
Chart 2 offers a near term squiggle count.
[240pm] NDX update -
approaching potential resistance
[225pm] SPX squiggles -
Internals are not as strong as the advance in price. See the 2nd chart below.
[7am] ES update -
See Shift (3/23/12) for discussions.
