I don't think I've seen anyone mention this, but looking at the monthly, the AO is indicating that we are in wave 3 (the highest peak on the bottom graph). Implies that another wave (5) is still to come. Everybody just needs to chill. Plenty of upside to come.

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There has to be a wave 4 before wave 5 right? So patience is a virtue here still.

Correct. So easy a 6 year old can count it :)