Another day, another whipsaw. This is exactly the type of price action that can be expected in a b-wave, which I warned about in yesterday's update. While wave (b) of b in the blue count came 5 points lower, and happened much quicker, than I was expecting, that count has come back to the forefront based on this close.
However, the micro structure off the low today suggests the possibility of an impulse up just now completing. Therefore, it suggests the potential that this is just wave i of (c) in the blue count, and opens the door to much higher targets than were discussed yesterday. If this truly is only wave i of (c), then the entire (c) wave can extend up to the .764 retrace at 1871 before completing.
Alternatively, if price keeps melting higher from here after hours or into tomorrow and targets 1843 right away, which is the 1.00 extension of the move off Sunday's low, then this structure could just as easily be wave (c) of iv in the red count, taking price back to the upper trendline of the down trend channel. Hitting 1843 from here, and then reversing back down in an impulsive fashion opens the door to a new low targeting 1791 next in wave v of C in the red count.
Finally, one last possibility, although I view it very unlikely based on the structure off the low of day, is that wave (b) of b in the blue count is not complete yet, and tomorrow we are going to make another swing back down to today's low to complete it in a flat structure, and THEN head up to the 1850.