Wave (i) and (iii) were "normal" sized so there was a possibility of wave (v) extending. At the 290 level is where wave (v) equals the distance traveled by waves (i) and (iii). The market is also very close to touching the upper channel line; where wave fives are projected to end. Once an extended wave five ends the market usually "crash" back down to wave two of a lesser degree (262.67).