The jobs report on the first Friday of the month can cause the markets to swing violently in both directions. This forces all the stops to get hit which only makes money for the trading houses as they collect commissions.
This rally is traveling with some pretty ugly waves that overlap with 3 wave rallies thrown in for good luck. Bad luck if you are on the wrong side trying to catch a trend. I prefer using the DJIA over the SP500 because every wave analyst covers the SP500 already and eventually they will both end up in the toilet at the same time.
So we have what looks like a bearish rally, which means a new low should happen, to confirm this.
But the chances are also very high that after a violent correction, the DJIA keeps going as a diagonal wave structure. I'm not going to force my "D" wave top at this time as I have many tops to work with making the exact top more illusive. Even after a new low may get hit it still has the chance of coming back with a diagonal wave bull market.