The alternate count is shown above. Although over the medium term this suggest higher levels, in the short term it implies the same thing as my preferred count; a sharp move lower real soon. Under this interpretation the market will drop sharply in a wave C while holding below yesterday's high.
I'd like to hear your feedback in the comments section or in my Elliott Wave Forum where I posted both charts. Thanks!
Seeing as the attitude lately is "risk on" because the Fed is the backstop for the markets, and today's big rally occurred even though consumer sentiment dipped much more than expected, you can download free booklet, "Understanding the Fed" in order to get a better perspective on the affects of the Federal Reserve's actions.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.