Market Continues To Push Higher As It Breaks The Previous Highs

After consolidating for the past several days we finally saw the market break the previous highs that were struck on January 24th. With that break the previous purple count has now become the primary count and the color has changed to green. I have added a new purple count as an alternate which would suggest we may be topping in an expanded b wave however I am not viewing this as a highly probable count at this point in time and as long as we remain over the low that was struck on 2/12 the near term pressure will remain up as we still do not have a clear pattern that would suggest a top is already in place. 

Although we did break the previous high from a count perspective not too much has changed as I had already begun viewing the previous purple count (now green) as the more likely outcome with the high consolidation that we had been seeing. The break over the 1/24 high has made this path even more likely and as noted above as long as we remain over the 6003 low this will be the most likely path moving forward. I am still not sure as to whether the wave c that began off of the 5924 low will take the form of an ending diagonal or an impulsive wave structure so I am still leaving the door open to either for the time being. We will likely know whether we are following the impulse or ED paths in the next few trading sessions but again for now the 6003 low is going to be key in keeping the near-term pressure up. 

Should we see a break of that 6003 level on five waves then it would open the door for this to be topping in the purple wave b but again as of right now I simply cannot view that as a highly probable outcome. If and when the pattern to the upside completes, especially if it does so in ending diagonal form we will need to be cautious to the upside as the reversal back lower will likely be quite sharp. For now, however, the market still looks like we have some unfinished business to the upside before we can look lower. 

Bigger picture nothing has changed from the previous updates.