One of the 2 patterns below may likely prove out to be correct.
Bear count. If this is correct, prices are heading south in a hard way soon.
Even if the Wilshire was to manage a new high, the high would be a [v] of 5 high and the market would be due to turn down anyway.
The really scary part is if the bear count is correct, the market is now only getting started on a potentially powerful subwave (iii) down. Thats EW logic in a nutshell. We still have a valid potential expanding wave Minute [iv] triangle but market internals don't seem to be validating that. The market is fragmented and internal selling measures are increasing.
In any case things should get exciting.