In fact, if we are indeed in the longest bull market in history, then we may be only starting to create wave 5 if what I consider to be wave 3 is in fact ... wave 3. This is puzzling me, a lot.
Wave 4 can retrace at most at bit above 50% (not overlapping wave 1) if it has to be valid. Meaning that a previous target at 4190 is plausible. I expect the market to bounce at 4227. But it could then go test 4190 later (accumulation range).