SPY Elliot waves and shorter term

SPY Elliot waves are not very clear. Wave 3 cannot be the shortest of the motives. Off the July a-b-c correction, we had a long Wave 1 and I cannot be exact on where it ended. I believe we are in Wave 3 now or perhaps the early part of a flat wave 4. Either way, we should still have a Wave 5 to come, and I'm looking at the 112 level since this is the 50% retracement from the Oct 07 high.

On a shorter time frame, we can see that we may be in the flat Wave 4 since 9-17. Now we are forming an ascending triangle that could break out to Wave 5... the Terranova "superspike"? I'm looking at the 112 level as I stated above as the end of the Wave 5. wave 5 cannot be too high since our wave 3 is already somewhat short. Alternatively, we could be in the middle of a larger Wave 3 that can go for quite a while...