Given the depth of the correction in US equities recently, this may be a potential alternate wave count as weekly charts also show prices reverting back to the lower band at the same time. what this means is that wave 3 did not end in September as presumed earlier but only at the recent top in November. The steep correction has fallen back to the same range as wave 4 of 3. Longer-term the 5th wave is still pending to the upside. Short-term we can still argue in favor of some more volatility and a retest of 15,988 on the NYSE composite index, but it is not necessary. Wave 5 up may have already started and we may be in wave 1 of 5, the 1st impulse of a new rally.