SPY Elliott Wave Count

Over the last few months quite a few counts have been discarded. Somewhere in June i charted this as an alternate count and realised that this would have plenty of leeway to frustrate the most market participants.
As an overview, the whole pattern is a 5-3-5 zigzag marked with a white A-B-C.
Commonly counted is the first part.
It starts the white A wave with the march lows and counts 5 red waves ending at April 26th 2010.
The white B wave ends on July 1 2010.
The white C wave is where the confusion lies.It starts on July 1 2010 and breaks up into 5 red waves.
Red wave III further sub-divides into 3 yellow waves.
The most complex part is the yellow 4 wave which is a flat 3-3-5 (yellow A-B-C).
Yellow wave 5 subdivides into 5 waves that are apparent on shorter term charts and ends on 8th July 2011 . This yellow 5 wave is truncated as it barely breaches yellow wave 3 to the upside. This also completes red wave III.
The big picture says we are currently in a red wave IV with one red wave V to go which would complete white wave C and the entire move up.

The question now is: How low can red wave IV go?
We know that it cant go below 112.60 cause that would be the breach of red wave I.
If we draw fibs (green dotted) from the start of wave white wave C to its current high at yellow wave B we have 2 targets within range 50% @ 119 and 61.8@ 114.60.
Now looking for clues in structure on the 30minute chart.

The red wave IV started on the 6thof July and is tracing out a green a-b-c.
If green c were to end at 119, that would make a = c*261.8% and would also coincide with the above discussed 50% retracement.
Then there is symmetry. The white lines show that the first 2 moves down are almost symmetric. and the second 2 pink lines would also be symmetric if the move were to end at 119 creating a perfect green a-b-c zigzag for red wave IV. This again validates the 119 region for an end to this move down.

Another painful possibility for the bulls is that the market moves right down to the 61.8% retracement @ 114.60 making the 2 moves marked by blue lines almost symmetric.

There however seems to be more convergence at the 50% retracement @119 and in either case i would look for capitulation selling and divergence on the rsi to lighten up on the short positions.
With unemployment out at 8:30, a gap down may provide this opportunity