Sharp up today, torture to sit on the sidelines. EW count since 2/25 low can be labeled with market now in 5th and thus final wave of the rally, but price momentum and strong up/down volume today could mean that this rally will extend and that the run from the lows yesterday is the center of a 3rd wave, so that we have a ways to travel yet before any sort of significant correction. On the flip side, total volume continues to be unimpressive, with no volume spike on today's action. From a trading standpoint I will continue to tread water until a good opening presents itself, probably will be a short trade.
In the chart below, if we are in fact in the center of a 3rd wave, then the spot labeled "3" would instead be a sub-wave "1" and "4" a sub-wave "2".
From a little longer term perspective, the rally from the Feb 5 lows also can be viewed as nearing completion with us currently working out a 5th and final wave there as well. It seems pretty likely that we will test the highs of January at ES 1148 before this is done.
