One of the reasons why I suspect some of the US markets could still be in a large 4th wave of an impulse wave that started from the Feb 2016 lows, is the look on the FTSE All World Index. The spike into the high is showing an extreme on its RSI, we tend to see that on 3rd waves. Its VERY rare to see a market spike into a high and then collapse. I am not saying its not possible, but generally we see a period of distribution before a major top like we saw into the 2011 and 2015 peaks. We saw the same into the 2007 top if you were around trading that time frame.

Whilst its possible to actually count 5 waves from the Feb 2016 lows, the internal waves are a little small, so the look is not great, hence I am showing that idea as an alt idea to suggest the advance has ended from the Feb 2016 lows.

I am currently tracking 2 ideas on the 3 major US indexes NDX, SPX and INDU, which all allow for a pullback for wave [4], followed by new all time highs. Or if a major top is in at the Jan 2018 highs, then it would need an impulsive decline in 5 waves from the Jan 2018 highs to suggest the upside has ended from the Feb 2016 lows and thus the whole bull market from the March 2009 lows.

A retest of the Feb 2018 lows that holds can still allow for a new all time highs on some world markets.