I most often use the Wilshire 5000 for absolute wave counts because I feel it captures and traces social mood waves in the market better than any other index. A few days ago, it peaked at an all-time high versus the other main indexes (S&P, DJIA) did not.
Thus the Wilshire fulfilled a potential Intermediate-sized ending diagonal triangle as shown below.
We have been patiently tracing the waves for many, many months for the market to reveal its unfolding wave hand. At the moment the best overall wave count has been posted. The ending diagonal triangle is a topping pattern. Now a small wave impulse down has occurred. Has the market finally reached cycle wave b? Thats the best call for what we have.
If it is an ending diagonal triangle then we expect prices to swiftly collapse back to where the final ED pattern started. As shown in the following chart, that point would be at least back to the black lower channel line for starters.