The low on Friday Nov 25 was just a tad past the .618 retrace of the October rally.
The pattern off the low of Nov 25 has been clearly impulsive and quite powerful: 115 points up from 1147.50 (= 10% gain!) to the high of 1262.75 on Friday - just 5 days. Five waves can be counted into Friday's high, that high is being tentatively labeled as a Minor W1. Minor W2 is likely to be a shallow retrace given the power of the uptrend so far. A .236 retrace of Minor W1 is 1235.50 which is almost exactly the low of Minute W4 of Minor W1. The .382 level is at 1218.75, which is in an area that has been important resistance/support in recent months.
Updated daily charts of the two most likely alternates:
Alternate 1
Alternate 2
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