SPY and VIX 5 Min Chart - Elliott Wave, Pivots, RSI, Fibonacci

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SPY             , SPDR S&P 500             ETF , has formed a corrective wave and the sell-off has the form of an impulsive wave. I'm looking at Fibonacci and Woodie Pivots for support and resistance lines in this Elliott Wave impulse. I believe it is possible the SPY             goes as high as 167.11 which is where the Woodie Resistance (3) and the .618 Fibonacci meet up. There is also a small ascending resistance line I have drawn in purple. This line could hold a key to timing the impulse wave, which meets up with the .618 Fib line May 28th in the afternoon trade. Chartist should also look at RSI for another overbought reading near (+70).

After the peak is reached I suspect the market to quickly correct. I will be taking long put positions in both the SPY             and IWM             if my pattern does fulfill the EW pattern.

Woodie Pivot Points

The formula used in the calculation of Woodie Pivot Points are:

R4 = R3 + RANGE
R3 = H + 2 * (PP - L) (same as: R1 + RANGE)
R1 = (2 * PP) - LOW
PP = (HIGH + LOW + (TODAY'S OPEN * 2)) / 4
S1 = (2 * PP) - HIGH
S3 = L - 2 * (H - PP) (same as: S1 - RANGE)
S4 = S3 - RANGE

Where R1 through R4 are Resistance levels 1 to 4, PP is the Pivot Point , S1 through S4 are support levels 1 to 4, RANGE is the High minus the Low for the given time frame (usually daily).

One of the key differences in calculating Woodie's Pivot Point to other pivot points is that the current session's open price is used in the PP formula with the previous session's high and low. At the time-of-day that we calculate the pivot points on this site in our Daily Notes we do not have the opening price so we use the Classic formula for the Pivot Point and vary the R3 and R4 formula as per Woodie's formulas.
QuantitativeExhaustion QuantitativeExhaustion

Larger time scale 159.12 still alive. Won't know until we see the open on Monday

Convergence between these two. S&P vs USDMXN normally inverse
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