A seed wave is a momentum move that follows a down trend which forms its first higher low, sending prices higher. Since the March '09 lows we have had 3 such seed waves.
The second seed wave coming off of the July 2010 lows has already run its course culminating at the 200% Fib. projection. The other two, however, are still in play.
Wave 1's 150% projection lines up with the Wave 3 50% projection around the $140 mark. While the 200% projection of Wave 1 has a $154 target, nearly lining up with the 100% projection of Wave 3.