For the market 1994-2000 wave 3 target set by 2.618x projection of wave 1 was 1065. As seen on the chart the target was surpassed. This is not exception for wave 3 as it is the strongest in the cycle. After the correction (wave 4) 1.618x projection of wave 3 gives target for the final wave 5. The chart shows that S&P exactly hit the target level 1549 set by this method.
Find more on this target setting method at http://www.capitalhubs.com/p/forecasting.html