Yesterday's rally above 1366 leaves the decline from the wave (3) high as a corrective structure. Crucially, the first wave of the decline stopped at 1339, falling short of the 1337 level required to confirm the end of wave (3). For now this keeps alternate, more bullish counts alive. I will elaborate on those if the market makes new highs in the next couple of days. Overlap with the wave 3 high at 1333 would have eliminated several of these.
For now, I expect resistance at 1375 to continue to contain the advance ... not enough time has passed in wave (4) for the correction to be complete. I tentatively label the first decline to 1339 as sub-wave 'a' of (4). The next few days should produce a choppy overlapping sub-wave 'b' in the 1139-1375 range.
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