ANSWER:

The usefulness and reliability of Fibonacci relationships, as they relate to proper wave counting, is widely misunderstood and greatly exaggerated. This may, in part, be due to the computer revolution since computers can calculate Fibonacci relationships so easily on a chart that their usefulness has been diminished. 

To begin, the greatest fallacy regarding Fibonacci relationships is that they should be applied to the corrections following waves-1 and 3 and waves-a (plus wave-c in a Triangle). Fibonacci relationships are NOT reliable when applied to waves going in opposite directions, but ONLY reliable when applied to waves of the same pattern going in the same direction. You might want to read that sentence again to let it sink in. 

In large, complex corrective environments (which the S&P has been in the last 7 years), Fibonacci relationships will be less reliable since structure is less reliable. Also, in general, Fibonacci relationships are more useful in impulsions and less useful in corrections. 

As they relate to NEoWave, I use Fibonacci relationships as a way of determining the minimum and maximum potential of a move, but not the exact length of a current or future wave. For example, in a Flat, I would not allow wave-c to be less then 38.2% and not more than 261.8% of wave-a. In an implusion, I would not allow wave-5 to be less than 38.2%, and not more than 261.8%, of the next largest wave (either 1 o 3).