I also want some input on where the market is right now. Go for it. Let's talk about the Wave Principle first. Various researchers have made the case that markets unfold in patterns, but no one has yet suggested a reason for them. Here's the way I see it.
Many people desire to belong to and be accepted by the group.
Many people also have a tendency to let others think for them in fields they find intellectually difficult. These traits serve to make their unconscious minds dominate their conscious minds, especially in emotionally charged social settings. When the market panics, for instance, most investors are not panicking individually in isolation, but in response to the panic of others. The same is true of their buying, but that is a slower process and therefore less obvious. Those patterns show up in price movement and reflect the Wave Principle.