Where will this bull run end?

16 feb 2021

Utilizing Elliot Wave theory we can derive a 5 wave pattern that gives us two targets using two methodologies. The first most simple is to take the magnitude of wave 1 and project it from the beginning of wave 5 which gives us a target of about 3999. The second methodology uses a combination of points from waves 3 and 4 to project several Fibonacci levels and the nearest equates to about 4005, this is the level to watch very closely b/c if we break it there could be a lot more upside and if it acts as resistance we could be in for a correction. It should also be noted that MFI on SPY futures reached a maximum of 68.97 in the past several months and I believe we are at about 66 now, whether the 69 level breaks will be interesting, Please leave any comments and questions.