i have wave II at 45
i believe we are in a wave III super cycle starting from low of 2.22. it is a trending wave ie. will bounce between the upper and lower channels progressing higher and higher
we haven't yet reached wave III (my guess is 7K-10K)
of course the market isn't going to sound the alarm bells. that was an ending diagonal. if we follow the rules we can know in advance what the market will not do ie exceed the length of the third wave of ED. so we can plan ahead and buy WITH FULL FORCE!
here is a nice sight to know rules of ewp. check out the ending diagonal section