The Dow index has now retraced 66% but the Transports is beyond 78%. The decline in all the indices except NYSE composite do not count as 5 waves down clearly. So here is one more alternate. The Dow top made recently was wave C of 5 forming as a expanding triangle or diamond. Wave E is now on which can end at a lower or higher top depending on the structure involved. Since all the moves since Dec 2013 are corrective the pattern is a wave 5 ending pattern. But what is in question is what form the pattern is taking and how long it will take to complete, or is it over. Most US indices took support on the 20 month MA which can sometimes mean one more push to a new high before its done, one more negative divergence on the cards. The Dow could very well top at 66% and start another leg down too. Waiting for a clue.