The S-wave is money flowing from BTC into alts and eventually back into BTC as the impulse given to alts by sw2x cancellation fades away alts are sold off to take profits. The reason we're only seeing a very slow increase is probably alt holders hoping their alt will continue to the moon so they're not selling them for BTC just yet. Once they realize the alt(s) slow down, that's where the tip of the arrow points.
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Short term market may not support 7700, but 7500 (previous high) seems likely to me. It's a good idea to not lose sight of the big picture when an event takes place than tends to make you look at 5 minute charts.