The apparent falling wedge this afternoon seems to have marked wave  low of v of (c) of [y] of 2.
Wave  would be a combination corrective as labeled below.
My overriding thought process is that the DJIA seems to want to challenge 13000. Perhaps the Nasdaq Composite will challenge 3000. These are public-grabbing type numbers. The wave count still accommodates this possibility without the Wilshire5000 breaking above 2011 highs. But again, thats largely a moot point at this stage, yet it is still a major non-confirmation in progress.
Still, the Wilshire is a full 290 points from its 2011 high and that counts for something. The Transports are well below their all-time high by 340 points. Thats a serious non-confirmation at the moment which is bearish under DOW theory if they cannot confirm the Industrials move higher. Bears need patience. As they say, topping is a process and I believe we are topping.