Wave 5 is at 1 x Wave 3. While there's little signs of divergence on both RSI and Composite Index, the RSI seems to be way overbought, and this price level seems crucial. A turning point could be around the corner.
Inverted yield curve on DGS2 and DGS10, while VIX seems at an all-time low. These two warning signs had been present in the build-up towards the previous melt-down of the subprime mortgage crisis.While there might be some ways up to go still, I am not comfortable going long on this index at this price. Awaiting correction to bring prices down to more reasonable levels before taking up another long position.