VelocityShares Daily Inverse VIX Short Term ETN (XIV)

[Sendme]

I read the basic rules for the Elliott wave and it seems like the spy is almost a text book example of what they say about the Elliott wave
1. Wave 1 and 3 are close in size
2. Wave 3 is usually the biggest, being about 1.6 - 2 times of wave 1.

So wave 1 looks like 70. Wave 3 (70 X 1.6 = 112) actual was 107. Wave 5 currently at 66, and will hit 70 at spy 251. Then a fib .618 correction would retest old structure support/resistance. Just a thought, comments greatly appreciated.

When I look at the spy, it shows the last two swing high/lows give the same fib 1.618 extension at 251

So even if I am wrong about the Elliott wave pattern, it sure seems like a correction is due around spy 251. Wouldn't be surprised to see a small bounce off the fib 1.27 at the spy 247.75 area back to the last support/resistance at 245 and then on up to 251.