This illustrates the actual wave breaks or major consolidation points as opposed to the minor ones. In my opinion, because of the length of this current leg we are mid way into a leg, and therefore unlikely to be in the middle of a sizeable end of wave correction at this point.

Also

there is an illustrated example here of the shares index of the future exchange trading up into June, (arrows), ie having no impact at all on on the sell in May idea, which is generally accepted, up until it doesn't work.

http://www.imageno.com/lgn2m189tgwhpic.html

As always, there's a proliferation of articles on the web at the moment, pointing out how the hedgies have control, (up until they don't), but history amply illustrates that the shares 'do' and 'are' moving in a positive cycle, otherwise it couldn't be reflected in this index.

The juniors are more likely to be in sinc with the Venture index of course, than the XAU or HUI, and the juniors created the strongest leverage during the past waves.