With the benefit of hindsight it would now seem that the first 5 waves down was completed in early October (4th?). From there we already have an idiotically large retracement of about 70% in 1/5 of the time it took to go down. This wave 2 can retrace almost all of wave 1 down but this is already big, certainly considering that virtually nothing was resolved. There was no “catharsis” to be found anywhere, either in the US or Europe, so perhaps it was the usual culprits in the plunge-protection-team that stepped in right at the edge and then kept pushing to force out the shorts. No other indexes are this close to their tops. Wave 5 down would have to start before the thin red line is crossed due to overlap. But in the favored interpretation wave 3 could start at any moment! Perhaps it even started today!