W1: 1266 -> 1474, 208 pts
W2: ~.618 retrace
W3: 1343 -> 1687, 344 pts, or 1.65x W1
W4: .382 retrace @1555
W5: equals W1 at 1555 + 208 = 1763, in mid-October
W4 and W5 are in italics because they have not completed yet.
It suggests more downside before a low -- also likely at a fibonacci-significant area -- and a final rally into the fall. Remember, if we need to touch the upper wall of the 2009 rally channel, the longer we take, the higher it runs.
SPX 1763 would be roughly October 18th. A sharp sell-off would precede the October 30 FOMC meeting, which would trigger the first minor wave 2 bounce.