Usually it is the 3rd wave in the series that obviously extends, with the 1st wave initiating the series, and the 5th wave finishing up. With the rally since the March 2009 lows, the 3rd wave, the leg from 1074 to 2134 on the S&P 500, is only a multiple of 1.5 times the first leg from 666 to 1370.
The 5th wave, which we are currently in, will reach the multiple of φ at 2950 SPX, not far away at all, and will fulfill a condition for the sequence to be "complete". It may go further -- I project it out to 2970 in the current ending-diagonal structure we are tracing.
LOG charts, always.
|SPX daily since 2009 lows|