Wishful Thinking?

I bought SPY Puts earlier 8/17 270 and 263. Although, my portfolio is down 40% at the moment, I came across the Elliot Wave Theory and thought that this might come in play. Friday's strong push caught me off guard so it would only be a miracle if this comes true. However, if we see strong momentum that breaks past ~276, I will close out my positions.

Disclaimer: I am a beginner trader so take this "analysis" at your own risk.