If we are in Minor 5 up, which is now my primary count, we need to have a target range. That range is 1367 - 1396.
This range is derived from where Minor 5 = Minor 1.
1367 is in pure price point terms.
1380 is roughly in percentage terms. I.E.- Minor 1 advanced the market 10.5%, if Minor 5 advances the market another 10.5% you'd get about 1380ish.
1396 is where you place a line measuring the length of Minor 1 on a log chart and project it for the length of Minor 5 in log scale. This is where the "it looks right" comes into play visually.
I thought it was important that we establish a target range for Minor 5 now that we think we are indeed in Minor 5. I was short-changing the range to 1367 maximum because I was only thinking in pure price terms of 5 = 1.
Incidentally, the lowest price point we can probably expect for Minute [iv] is 1344, a retest of breakout resistance. I don't expect 1339, the top of [i] to be revisited until Minor 5 is over.
There is no reason to suspect an ED will occur as Minor 1 is clearly a leading diagonal, it would be unorthodox for 5 to end as an ending diagonal. I do however have Minute [i] of Minor 5 as the extended wave therefore I suspect Minute [iii] will be shorter in length as I explained in this chart last night http://4.bp.blogspot.com/-oS4GeFNrlII/Tbn7FLfFh8I/AAAAAAAAJG8/1mQ15_uAzr4/s1600/wlsh.png
So to recap this is my primary count and my target range for 5, thus P itself.
So too bad for you who think I was going to crack and give in to the bull emotionally-wise.
If we get to 1400SPX, above my range, then maybe I'll crack. until then lets track Minor 5 the best we can.
The whole discussion above is null if 1339 price point is breached.