Wave 5 is the euphoric finale. Price makes new highs but the internals weaken: declining volume, narrowing breadth, bearish momentum divergence. Retail FOMO peaks as headlines reach "new paradigm" euphoria. Smart money quietly distributes into the strength. The bearish divergence between price (higher highs) and momentum (lower highs) is one of the most reliable exhaustion signals in technical analysis. Recognizing W5 in real time is the difference between selling near the top and riding the entire correction down with the crowd.
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