Don't be too quick on that.....you can always look at the current motion of the wave with the macd and deviation tools.... This chart shows those tools plus momentum and EMA.....yes it is a 5 minute view, but it has been bouncing off of the 1100 or so mark for a while now....I do believe it's swinging back up overnight.
These tools are handy when there are multiple counts that are probable and you need to decide where you're going to put that money and exactly when. Can also help determine a good laddering time. Of course the EW counts rule the overall picture, but you can get an idea of the short term direction for the upcoming wave.