SP500 is poised to surpass its October high. The Dow did so before a 1.6% intraday plunge this past Thursday. Friday's 1.3+% rebound is best counted as part of the upward subdivisions since the October low (Chart 1, green and blue). A truncated fifth wave or even a deep ABC retrace represent downside risks (Chart 2).
Monthly Outlook Update (11/1/13) for larger counts. On balance, upward subdivisions in SP500 are likely to crawl along the upper green resistance line highlighted in Chart 3 before SP500 tops out. Resistance along this upper trend line was felt during major corrections in 2010, 2011 and 2013.