Dow and US Indices

The Dow requires some interesting long term changes to its wave counts due to the current rally. From a near term perspective we should understand that the most recent push up has made the entire rise a 5 wave advance as shown. And we are in wave v of v of 5 right now so very close to a top. But what does this 5 wave rise mean? It would mean that wave 5 top is only occurring now, or this is wave C of a counter trend move in wave 2.

 

This second chart shows this alternate.

 

The NYSE Composite is different as it can be considered as a 5 wave decline from the wedge down. Wave 2 up has retraced almost 70% and is now coming close to the wave 4 high.