The minimum objective for the fifth wave is a push to a new high, above the June 5 intraday highs of 8839.40 in the DJIA and 951.69 in the S&P. But typically by the time wave five ends, a relationship develops between waves that is governed by the Fibonacci ratio or its reciprocal. When we calculate these potential connections, multiple targets and ranges emerge. As each index approaches each target. we will assess the odds that the market is making a high, or that it will continue onto the next target. For instance, in the S&P 500, wave v (circle) would equal wave i (circle) at 962.20. In the 971-974 area, wave v (circle) would equal .618 times wave i (circle) through iii (circle), and wave C would equal wave A within wave (Y). And at 983.35, wave v (circle) would equal 1.618 times wave i (circle). The equivalent targets in the DJIA are 8915.60, 8990-9004 and 9086.00, respectively.