In fact, if you mentally flip the pattern from Sep 26 into Friday's high at 1466 you can see that it's almost a mirror image of the prior pattern - in other words, it appears to be a fractal. So the best guess at this time is that the recent upswing is more likely a part of an ongoing correction from the Sep 14 high than the start of an upside impulse. Yes, it could be interpreted as a series of nested waves 1 & 2's, and yes the pattern in the underlying S&P 500 is a little bit cleaner, but the sell off after Friday's high has a very impulsive look to it, very much befitting the start of a possible "c" wave down. So for the time being the rally from Sep 26 low at 1424 into Friday's high at 1464 is being considered the "b" wave in a flat type correction with the "c" wave just underway.
Just for chuckles, here's a stab at the internal count for the proposed "b" wave, which shows it to contain a triple zig-zag with the last move itself being a triple zig-zag - it was the best way to account for the multitudes of overlaps:
Inserting this thinking into the bullish alternates presented last week produces the following:
Alternate #1
2 hour bars
Daily bars
Alternate #2
2 hour bars
Daily bars
