Holding below last week's high for now
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The market gapped initially higher at the open, then pulled back to close the gap and has since been drifting higher during the afternoon session.
If price makes its way back above the morning high from here, it would reduce the probability of the wider corrective flat off of last week's high as wave b of the blue count. Breaking out above last week's high should completely remove that count and suggest a trip to at least 5600 next as a potential leading diagonal off last week's low for a larger a-wave shown in red.
Otherwise, for the blue count to gain a clear advantage again, price would ideally hold below the morning high and roll back over below the noon low. In that case, blue wave (c) of b can take price back toward 5100 again before the wider corrective flat off last week's high reattempts a bottom.
Overall I am still operating under the assumption that the wave (4) correction off the February high completed at last week's low until proven otherwise.
