When market will reach a new high with blue wave 5 we will be looking for a larger corrective retracement, probably later this year.
I could be wrong and would be pleased for your comments.
However if you permit me to suggest, that since data in the chart only goes back to 1980 and we know that 1982 appear to be possible commencement of new cycle, there is a need to harmonise this with your subsequent count. ie since a new cycle it is continuation of a larger degree cycle. If that is correct then it could have impact on your cycle degree labels and expected outcome.
Secondly the period from 2007 high to Sept 2012 appears to be in 3 swings and are hard to label any swings with clear 5 wave impulsive moves as you suggest in waves (1) and 1.
I suggest possible alternative count from 1980 - present with lager cycle in brown bracket (on my chart) and close up view in since 2011 to present suggesting that we could have just completed a major cycle in Dow Transport and Dow Ind appear to have final swing outstanding to complete its cycle.
These might lead to confirm the classic divergence between Dow Transport leading and Dow Ind lagging.
Also see my S&P500 chart posted some time ago with the high forming little higher than originally anticipated on my chart but still holds overall larger cycle degree labels.
Here are the charts: