The decline went a little further than I anticipated and created overlap of wave (i). Therefore, I cannot label that decline a wave (iv) since 4th waves cannot overlap with the 1st waves at the same degree except in an ending diagonal. This wave cannot be an ending diagonal though, because it's within a larger wave ((iii)), and ending diagonals can only occur in 5th and C waves.
So, a recount is in order (see attached chart). The series of higher highs and higher lows continues, so I remain bullish the stock market. Adjusting the wave count to current price action leaves us with a much more bullish outlook as wave (iii) is now subdividing further. Instead of the recent decline being a wave (iv) and therefore nearing the end of wave ((iii)), I now count the recent decline as a smaller degree wave ii. So wave ((iii)) will be much longer under this count. This may be tough follow when reading, but if you look at the chart, and compare it to my previous chart (click here), you'll see my point illustrated rather clearly.
I did some ratio analysis to try and determine the projected price of waves iii and (iii). As you can see, the Fibo extension levels that are a good stopping point for wave iii are between 2068 and 2078, From there, it's likely the market will continue on higher to finish wave ((iii)) at around 2100. And this fits well with the my overall analysis over the last few weeks that a meaningful correction in the stock market probably won't occur until 2100 (S&P futures) is reached.
So there is plenty of evidence that the market will continue higher in the coming weeks. A break below 1920.75 would alter that view.
PLEASE NOTE: THIS IS JUST AN ELLIOTT WAVE 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.