Triangle Breakdown and Elliott Wave Pattern

The symetrical triangle pattern noted previously has broke to the downside as expected with the break of the red line shown below:
Markets move in "Wave Patterns" as noted by Ralph Nelson Elliott who developed the concept in the 1930s which now bears his name as Elliott waves. R. N. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle."
The wave pattern is basically 3 steps in one direction and 2 steps back. Our current market shows that we have completed the 2nd step back, known as the 4th wave, and are now entering into the 5th wave which will make a low for this cycle. I would project the low to be somewhere between the prior low (a 3rd wave low) of 1270 and 1250.