The move from 1040 to 1227 is almost a perfect 1.62 extension of wave 1, so I'm tending to label the high at 1227 as wave 3. Over the next couple of weeks a sideways wave 4 should unfold, a possible objective is the previous resistance at 1196ish:
The other count I mentioned in my last update is still possible, but as I said the counts are very similar and both lead to a end of year rally to 1250 or even to 1300.
