Depends how you count it ...

Mentioned this, previous post, a 'b' wave. Comparing to other less print pumped indices, e.g Eurostoxx (faintly in background), apart from significant % scale difference, a case for this current bull market being the most enormous expanded flat in history (not wholly my idea). My focus is a potential error in the wave count.
My previous recent posts note the 2022 high as wave 5, based on 2011 high/low as 1&2. I think strong potential that is incorrect, as THE major top, 5 of 3, could be, & what we have just seen is a wave 4 (or part of) , & a practice run. Sneaking in one more high? Maybe. Quite possible, considering ending formations.
Labelled here broadly consistent with how I might be inclined to interpret the Eurostoxx, which appears to still be corrective.
Gonna experiment / comb through it over the weekend, but market distortions could be a understatement.