For the real Elliot Wave theorists out there (I'm a tourist), if we assume that the first run up from 180 to 280 is motive wave 1, and the recent pullback from 280 to 240 is wave 2. Then we are beginning wave 3.
Points about wave 3.
My understanding is that typically it is the strongest motive wave and will almost always be longer than wave 1. Thus we will likely see SP exceeding 340 (240 to 340) with this wave.
Also wave 4 (down wave) cannot be below the upper peak of wave 1 (with rare exceptions). Thus the lowest point wave 4 will go down to will be 280-290 (new support).
After that... not sure.
Is this correct?
And yes, I apologize, haven't been able to finish my Elliot wave theory books, yet.