The most pessimistic alternative I can consider is that Circle 3 is already complete, with Circle 4 on-going. This situation leads to a lower, and earlier, completion of wave V.
In log scale, wave Circle 4 may not seem too dramatic. I for one will NOT be holding any long positions as wave (5) of Circle 3 completes. Retiring in the next decade? Tread carefully near the top of major waves. The recent wave (4) is quite small by comparison...and the drop following wave V will be painful for anyone long indices. I doubt any equity sector will be safe.