AMEX:SPY   SPDR S&P 500
901 11 21
Double top at clone resistance and 5th wave cycle failure. Clone reference is the 2009             low to a peak before the flash crash late April             2010. Fibonacci taken from wave 2 primary to primary 3 of wave 3 cycle EW count.

After we reach the pinnacle of wave 3 primary - 5th cycle - presumable double top ;

Wave 4 A-B EW Cycle correction (or completion A-B-C of wave 4 primary correction) support should hold at the .764 fib line. It also possible we see further retracement after a substantial bounce (B) at .764 fib line before falling to a ending C zag-zig-zag ratrace at 144.33 / .618 Fibonacci level.



When will the US Debt Ceiling Debate heat up? mid to end of September with October 1st the deadline

Debt Ceiling Deadline Pushed Back as Growth Lifts U.S.

The U.S. Treasury Department may have more time than economists previously estimated before the government’s debt limit is reached as changes in tax policy and an economic rebound boost federal revenue.
The date the nation hits the ceiling on borrowing could be pushed back as far as mid-September to Sept. 30 from a previous estimate of late August to mid-September

A later deadline would give Congress more time to debate lifting the cap and postpone any vote until after the August recess. President Barack Obama in February signed legislation suspending the $16.4 trillion debt limit through May 18. The Treasury uses so-called extraordinary measures to push the deadline further.
Treasury Secretary Jacob J. Lew said last week Congress should “extend the debt limit to remove any uncertainty” and declined to estimate when the ceiling would be reached.
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Considering Alternative
Looking through R.N. Elliott EW charts for similarities
Shallow Cycle 4
Long Flat 1600 support/floor

W-X-Y
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QuantitativeExhaustion QuantitativeExhaustion
W-X-Y
Charts to study

http://www.elliottwave.com/tutorial/Lesson3/3-5.htm
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Double and Triple Zigzag Patterns
We use WXY to denote a double zigzag, instead of the standard ABCXABC Elliott notation. For the triple zigzag, this becomes WXYX(2)Z

http://stocata.org/ta_en/elliott4.html
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May not be 5th Wave at all after further consideration and charting the EW rules
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http://thepatternsite.com/EWDiagTriangle.html
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QuantitativeExhaustion QuantitativeExhaustion
magic numbers
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Great chart and text JR
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Looks like a complex ending triangle
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When is the debt ceiling debate? Thanks.
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