5 Wave Advance in Elliot Wave Showing SP500 Targets

Over the years in my application and observations of basic Elliot wave structure, I will notice an obvious 5 wave advance in the charts of the Dow or SP500, my latest wave count and corresponding numbers are shown in the chart below. Using Fibonacci Numbers to calculate targets; I have had good success at forecasting min and max targets for the markets. This basic wave structure seems to be playing out in a 5th wave to give us intermediate targets. The time frame to reach these targets is around 1-4 months in my estimation. Watch for the markets to get near theses upper targets to take possible action on the downside. A nice 5 wave advance and corresponding a-b-c decline is shown between waves 2 and 3. Using the Fibonacci Numbers 1.618 and doubling that to 3.236 we can calculate the area of wave 3 and the min and max targets of wave 5. Below are the basic calculations supporting the notations of wave counts on the chart above. Numbers are closing values for that day. Take length of wave 1: 128.63 - 112.34 (see chart above for wave numbers and dates) = 16.29 Area of wave 3: 16.29 * 1.618 = 26.36 add 26.36 to bottom of wave 2 (116.34) = 142.70 Wave 5 targets: Length of wave 1 (16.29 * 3.236 = 52.71) Add 52.71 to top and bottom of wave 1 and 2 to get min and max targets of wave 5. Wave 1: 128.63 + 52.71 = 181.34 (wave 5 max target) Wave 2: 116.34 + 52.71 = 169.05 (wave 5 min target) Again numbers can be seen on chart. One can almost see the wave structure on the A/D indicator below the chart. Possible play on this information would be to buy a SPY Dec or Jan call option in the area of 145 strike to follow the market upward. For more ideas on how to use chart analysis tools for option trades, visit my website www.marketfy.com/product/options-scout