There are 2 counts I am closely watching. The first count is that the market has topped and is merely tagging out a meandering wave [ii] flat.
The second count is an extended Minor wave 5 count. This is how you would properly count an extended wave 5. Basically the subwave Minute [v] of extended Minor 5 would also sport an extended count and look. One thing about this count is that once it has reached its terminus, a violent bearish reversal is in store.
This GDOW chart below is a textbook example of an extended wave five count into the 2007 top. And note the subsequent bearish exhaustive collapse.
Wave labeling color code as follows (note - [brackets] used in lieu of circles for convenience sake) :
Grand Supercycle - BLUE - [I] [II] [III] [IV] [V] - [a] [b] [c] Supercycle - GREEN - (I) (II) (III) (IV) (V) - (a) (b) (c) Cycle - PINK - I II III IV V - a b c Primary - BLACK -      - [A] [B] [C] Intermediate - RED - (1) (2) (3) (4) (5) - (A) (B) (C) Minor - BLUE - 1 2 3 4 5 - A B C Minute - GREEN - [i] [ii][iii] [iv] [v] - [a] [b] [c] Minuette - PINK - (i) (ii)(iii) (iv) (v) - (a) (b) (c) Subminuette - BLACK - i ii iii iv v - a b c Micro - RED -      - [A] [B] [C] Submicro - BLUE - (1) (2) (3) (4) (5) - (A) (B) (C) Miniscule - GREEN - 1 2 3 4 5 - A B C
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