RAC - Charts & Price Action, page-2608

I'll keep this brief.

I keep suggesting W3 has the count wrong and I still do believe that. If this is the case nothing he's saying is significant.

This is the definition of Wave 5. (You decide whether we've just had Wave 5 ... or still in Wave 3 (like I believe))

4.4 Wave 5

Wave 5: In Elliott Wave Theory, wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top. Volume is often lower in wave five than in wave three, and many momentum indicators start to show divergences (prices reach a new high but the indicators do not reach a new peak). At the end of a major bull market, bears may very well be ridiculed (recall how forecasts for a top in the stock market during 2000 were received)

The wave 5 lacks huge enthusiasm and strength found in the wave 3 rally. Wave 5 advance is caused by a small group of traders. Although the prices make a new high above the top of wave 3, the rate of power or strength inside wave 5 advance is very small when compared to wave 3 advance