But, if the upward count is still taking more time, it possible to see the upward count as only a "three wave" sequence, at present.
The Dow Chart below shows, the upward structure as still a "three-wave" sequence and not a five-wave structure.
But, because price has not attained a 1.618 extension, yet, and is still above the mid-channel, it is also possible we are 'still' in a minute three wave higher, as the chart below shows. This count would also still follow typical seasonal patterns. Then, there would be a drop in a zigzag to the lower trend line channel. This count would also be compatible with the idea that it is third waves (minute iii, in this case) that have the power to break through prior highs or lows.
This count recognizes that deeply retracing waves are a sign of a potential diagonal. At this point, we could not say whether such a diagonal would be a contracting one or an expanding one. This count would gain more credibility if new highs were not made, and the lower parallel trend line boundary were exceeded to the downside. There is 'some' evidence for this count, and that evidence is that other market averages (such as the $NYA, and the $RUT) have overlapped the upward August wave downward in mid-November; meaning that a fourth wave should not overlap a first wave. That would make the six-year upward count from March, 2009 Primary A, B, C, and not Primary 1, 2, 3.
Again, at the present time, the best price evidence is upward. These charts are presented should that change. Why would it change? The best reasons would be a) a LOT of people are looking towards new highs, and b) maybe more time is needed so that bull market is a Fibonacci 8-years long.
Please do not be dismayed by this situation. Objectively, we have said in our YouTube Video (A Critique of Elliott Wave for Trading) ...well before the fact of this wave .. that fourth and fifth waves are notoriously difficult to predict. We have called this the "fourth wave conundrum" in the video. It happens at every degree of trend, and it just recognizes that it is extremely difficult to determine "in advance" whether fourth waves will be a simple zigzag, or extend to some more complex and time consuming structure like a flat, double flat, flat-x-zigzag or triangle. That is a reality of the Elliott Wave world, and recognition of it can help prevent some frustration with Elliott wave analysis.
Cheers and enjoy the charts!