Sometimes, it pays to take a step back and have another look at the big picture. I was surprised by the scope of this advance because I thought it was occurring at a lower level of trend. It now seems clear that the correction is occurring at a higher level.
The next open question is the wave count. I've been operating on the presumption that the October 4 low was the end of a downward impulse, and the correction that followed was a zig zag pattern. This may still be correct, but there is another possibility worth considering, and that is that the bottom of the impulse was way back on August 9. If this is the case, then all that has transpired since has been part of a running flat corrective pattern.
The alternate wave counts are from the October 12 Elliott Wave Short Term Update. The charts are mine.
The two charts below illustrate these possibilities. Daily highs are traced by the red lines, lows by green, and closings by yellow. The channel for the zig zag correction is included, as are the .382; .500; and .618 retracement levels, based on a May 5 top. For these charts, I'm assuming today's highs and lows are already in, and left the closing value open.
By either wave form, the next expected move is down.
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