Using the Wilshire 5000 for form, we may have a slightly differing count. But its implies the same basic premise: that the market is in Minute [ii] up, and after that comes wave [iii] down - a strong selling wave.
So where is sentiment? Well for instance via Sentiment Trader, their "% of indicators at an extreme" are 1% "bullish for stock prices" and 4% "bearish for stock prices". Considering that 20 - 30% in either category represents a lopsided extreme, the market is quite "neutral". This probably is an advantage for the bears longer term.
Another chart. This is "Smart Money Index" again via Sentiment Trader. Note how it closely tracks the Presidential Approval rating.