[Update 3:54PM: As I said this morning all that was required was at least a new high at 1224.75. Well there you go.]
The only requirement of a wave (v) is that it achieves a new high. But it usually has some wave relationship with wave (i) and/or (iii). In this case wave (iii) was extended so wave (v) should either equal (i) in price length or be .618 of wave (i) as a general guideline for starters. Wave (i) was approx 22 points long. Wave (iv) low was about 1215. At .618 x (i) your looking at roughly 14 points. (this is all in my head math here). So add 14 to 1215 and you have a 1229 high. If (v) stretches to equality of wave (i) your looking at a slightly higher target obviously. But again, all that is required is at least a 1224.75 high.
For a wave (iv), its probably played out long enough and it has hit the other side of the wave channel.
Wave labeling color code as follows (note - [brackets] used in lieu of circles for convenience sake) :
Grand Supercycle - BLUE - [I] [II] [III] [IV] [V] - [a] [b] [c] Supercycle - GREEN - (I) (II) (III) (IV) (V) - (a) (b) (c) Cycle - PINK - I II III IV V - a b c Primary - BLACK -      - [A] [B] [C] Intermediate - RED - (1) (2) (3) (4) (5) - (A) (B) (C) Minor - BLUE - 1 2 3 4 5 - A B C Minute - GREEN - [i] [ii][iii] [iv] [v] - [a] [b] [c] Minuette - PINK - (i) (ii)(iii) (iv) (v) - (a) (b) (c) Subminuette - BLACK - i ii iii iv v - a b c Micro - RED -      - [A] [B] [C] Submicro - BLUE - (1) (2) (3) (4) (5) - (A) (B) (C) Miniscule - GREEN - 1 2 3 4 5 - A B C
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