Here is another reason why I think this wave does not mark the top of P2. I shared the first chart from: Bearish? Hell Yeah! ... But Is This The "Top"?
The NYSE Cumulative Advance/Decline Line has not been diverging. By diverging, I mean that as a measure of the internal strength of the wave, we should be seeing *weakening* internals. The A/D line should be making lowers highs near the top as price makes higher highs. That would be clear divergence.
Neither the A/D Line is diverging, nor is the High/Low line. Nor is the TRIN in any meaningful fashion.
But an indicator telling is we are getting close is that the daily breadth *spikes* are getting smaller and more infrequent. This move is *very* tired. ... But not dead yet IMO.
We are just not seeing any negative divergence showing up on our internal indicators. This move just doesn't look done to me yet.
