So far this market is still going in the direction I was anticipating but we could be in another correction. At 26,050 we are running into previous 4th wave highs, that could act like a brick wall.
Blasting past resistance sure would help to keep my bottom 4th wave count alive a little bit longer. For now, it looks like a diagonal run is forming as this wave 3 looks like another zigzag to me at this intraday scale.
Every 5 waves in the zigzag alternates in quality, one set (A5) can be smooth without any visible waves, while the second 5 wave set (B5), has more obvious subdivisions.
If the bigger bullish picture is alive then this run could last the rest of May, but if this run is just a short term bear market rally, then we would be lucky to last into next week.
The moving averages offer no special insight at this time but the DOW came to a halt at the 50-Day MA line.
Of course, gold reacted to the bullish markets by crashing.