The Small Caps
In Apr 2014 the Russell 2000 finished hit it’s Supercycle Wave V Top.
In terms of composition the Russell 2000 has a total market cap of around $2tr and consists mainly of small cap stocks, so is a lot more volatile than the Dow Industrials and S&P500. The largest market cap of a company in the Russell 2000 is <$5bn, and the median market cap is around $500mm.
See Could the Dow Industrials be hitting a Grand Supercycle Top? for more information on longer term trends of Cycle, Supercycle, and Grand Supercycle Degree.