Impulse Nearly Complete

Markets came within a hair of violating the wave [1] high from Monday this morning, but have managed to find support just in time. The Qs are very close at this moment to exceeding yesterday's high, which is all that is needed to complete the impulse from Monday's low. At the moment wave [5] up appears to be an ending diagonal triangle, so don't be surprised if we see a sharp selloff later this afternoon or tomorrow morning. As long as the low of 8/16 is not violated, the rally should continue after a 1 to 3 day pullback/consolidation. Thereafter, we should see a sharp rally in wave iii of (a) of [y].

{I had to lower the degree of the wave count due to the small gain in the rally from 8/16 so far. Thus what I showed as wave i is now [1], according to the rules of the "Elliott Wave Principle", pg 27. I will show an updated count once wave iii gets underway.}