These are semi-log scale charts which compress the most recent spurt up when compared tp an arithmetic chart. The count is not the only possibility. Wave 4 may have simple ended in Oct. of 2014 with a simple a-b-c (three-wave) structure after that to complete the entire thing. The index is now trading at the top of its (pink) channel and the previous (blue) channel for wave 3 has become resistance.
The fact that this top is occurring concurrently with other tops, most specifically Nasdaq’s 15 year round trip AND at a time when unemployment is running supposedly at 5.5% (just 1% above what used to be considered full employment!), suggests that this may , at last, be it.
Given the above our advice from here on is that you only buy stocks that go up in value. We realize that this may crimp one’s “style” a little but it is a lot safer.