SHORT TERM: choppy upward bias, with the potential for another explosive advance.
It appears we have two potential scenarios that can occur over the next few days: the markets move up in a choppy fashion, to complete a five advance from the Oct 28th lows; or, this wave 3 extends into a nine wave structure. The key here, I believe is the SOX index. It bottomed on wednesday and then turned higher, leading to the explosive advance across the board on thursday, friday it corrected. If it turns up again on mon/tues, as it appears it will, we could see another explosive rally to extend wave 3 in all indices.
The SPX/DOW may provide some more evidence. Thus far, from the Oct 28th lows, they have completed four waves and are in their fifth. The third wave was shorter than the first, noted on both 15 minute charts. A third wave can not be the shortest in a five wave advance. If either one of these indices exceeds the lim
