Wave (i) and ( iii
) were "normal" sized so there was a possibility of wave (v) extending. At the 290 level is where wave (v) equals the distance traveled by waves (i) and ( iii
). The market is also very close to touching the upper channel line; where wave fives are projected to end. Once an extended wave five ends the market usually "crash" back down to wave two of a lesser degree (262.67).