in luc's option wave 2 is too short, bear market can not be wave 2, maybe wave 4, but imo ryn's option where 166 was wave A bottom and now we are having wave B is the most likely option, so 50-62% retrace from 1100 is the most likely target, or even just 38%, though it could make even smallish HH

http://www.tradingfives.com/articles/elliott-wave-guide.htm

here is a chart from RyNinDaCleM