So let's rather focus on the very short term picture as it is very clear, one more little push above 48 to end a nice impulse wave from 39. We see it as part of a larger impulse wave that requires a series of 4's and 5's wave before we call it a day. Therefore once above 48 some kind of correction will emerge. Again, it should be shallow but just be aware of the alternate count that calls for a more scenario once current rally is over. It is absolutely possible that at the 2015 high we started a contracting triangle and in this case it would be perfectly asymmetrical. So it is a possibility we have to keep in mind.
Markets are patterned but they sure don't come with the labels....Just trade accordingly.