Focus has shifted to Nasdaq and the secondaries in the last couple of days. The new highs they have made, has forced me to recount the wave structure.
The best count for the Nasdaq favores one more high that would break above the wave 2-4 channel (light gray) before exhaustion will be seen and the end of wave [B] and wave [C] kicking in.
The A-B-C count from the bottom of wave [A] is still the favored count calling for a move into the resistance area between 4,215.67 and 4,317.67, where it would ideally hit 4,317.67 makeing wave C equal in lenght to wave A and marke the ending of wave [b].
The latest strengh in the utilities has forced a total recount of the wave structure since the bottom on October 10. 2008.
The best fit is, that wave [A] ended on October 10. 2008 and we have seen an irregular flat correction and we are currently in the last minor legg up in wave C ending wave [B].
As can be seen we need one more legg higher in wave 5 of wave C, which should ideally break above the gray wave 2-4 channel resistance-line before exhaustion is seen and the beginning of wave [C] down below wave [A] at 294.
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