chart

"Elliot’s wave theory, combined with Fibonacci’s numbering sequence, took a lot of creativity; a good percentage of the time it works."
"The wave theory is better utilized to identify trends, rather then to predict future movements. That said, I believe Elliot was trying to make money in the market and, as such, was using the wave theory as a forward or projective tool. The wave theory is popular today because it helps predict the direction of the market. Where the market is or has been is secondary to where the market is going."
http://www.chestnutandcedar.com/Library/TechnicalAnalysis/LIBTAelliotwavetheory.htm

I'm expecting the SP to fall to approximately the thick green line, (23-24.5).
"Wave 2 – This is a retracement wave, where profit taking occurs. Many of the “tired of waiting” investors, as well as those with losses, will exit the security. The wave 2 pullback should not decline below the starting price of wave 1."

Bear in mind the next expected rise :-)

"Wave 3 – This is the longest of the impulse waves and where good news and positive earning are taking place. The company has fundamentally improved and investors realize it, and want to participate in the company’s success."
http://www.chestnutandcedar.com/Library/TechnicalAnalysis/LIBTAelliotwavetheory.htm

Look at the two circled 1's on the left & right of the chart.
Both relatively low volume & both the first green peaks on the MACD Histogram after a spell in the red.

Bottom line, pullback to 24.5(ish), then a run to 37(ish) or even around 45.
"A minimum objective for the top of wave 3 can be obtained by multiplying the length of wave 1 by 1.618 and adding that total to the bottom of wave 2."
http://www.dolefin.com/technicalanalysis/020305.asp

I wrote on Sunday that 36-38 would be the next possible resistance area, interesting times......

All IMO, DYOR
Regards
Chalea