I had to relabel the wave (v) sub waves because of the recent market activity taking out the high at 296. It seems there are two waves which have extended: The wave (v) itself extended and also sub wave iii has also extended. This is unusual to have two waves extending at the same time in the same impulse wave. Wave 3 is almost 1.618*wave 1. Since wave (v) extended the market will crash down to wave two of a lesser degree at 264 and eventually drop further below 246.24 in order to overlap with wave 1 (exp diagonal)