Since mid September the XAO index has moved in waves of 3, which has provided difficulty in establishing a firm count over the short term. However, there is strong evidence that wave 'iv' is an expanding triangle and the move upwards since the 5th Oct is an ending diagonal. Ending Diagonals must have overlapping wave 2 and 4's, move in waves of 3 AND wave 3's must not be the shortest wave. Therefore wave '5' circle cannot be longer than wave '3' circle in the current scenario.
Wave '4' circle could still be developing (possibly as a triangle), however the upside target should still be around 4800 or slightly higher, perhaps with a throw over on higher volume.
The MACD price oscillator still continues to be divergent against the XAO on the 60 minute and daily charts. (MACD will usually hit an extreme near the completion of wave 3's, or wave 3 or 3 etc, and be relatively consistent at different time scales).
The bigger picture is here