I revisited the labelling of MSFT today in order to see if there's any new development hinting at a potential turnaround in indices. With MSFT still completing its wave 5 up, indices will be reluctant to fall. We need to allow them a few more days to get done with the advance. Once MSFT is done rising, indices will have a chance to start a good decline.
Notice the declining in the red B wave. Nothing has changed - despite the mighty advance seen in the last few days this is still a counter-trend affair and it will be retraced.