The US small stocks index the Russell tried to get past the wave IV high of the 4 month crash. A little over 66% retracement. It gave up yesterday with a negative divergence in the momentum. So a very good chance now that the rally is over in wave 2 up. A ferocious wave 2 rally, and the risk that wave 3 down starts. I cannot argue for a time wise distribution in wave 2 because it was the strongest vertical rally amount the few on record. So odds are higher that the next declines carries the same speed and rising volatility.