SPY Purple Crayon Elliot waves

I rummaged through by desk drawer and found the biggest purple crayon I could find to do some Elliot waves. Using Fibonacci time extensions I found that September 18th would be the 38.2% extension from the October 07 high to the March 09 low. this could be a proper time for a near-term top in the market. This corresponds roughly with the 8 week pivot highs we have been getting as well.





Not much to hang your hat on, but it does tell us that the run-up from March is not excessively long or large from a percentage standpoint in the grand scheme of things.