Most people are focussing on the large multi year triangle as being wave 4 but i think we've already had wave 4. We are now in a large wave 5 down and are in 1 of 3 of 3 of 5!
the top of 2008 was wave 2 - complex correction, thus wave 4 was the 'simple' zig zag', i/e/ we've already had it and are now in wave 5...