In 2008 and again in the two zig-zags of 2018, we saw the complex wave WXYXZ recur.
W is pretty clearly carved out, lol. X1 is nearly completed, or at completion. Short entry for Y.
Y has been a higher low, followed by a lower high at X2, giving the 'hunchbacked M' pattern which is a butterflly or bat and precedes the final impulse to the bottom.
A strong rally typically ensures; however, this may STILL NOT BE THE BOTTOM!
In 2008 after the WXYXZ pattern completed, a final bottom carved out months later.
Whether this happens again depends on the length and severity of Coronaviral economic impact .
Gann: Failure on fourth rally spells rejection. Let's see... notice QQQ is flat; divergent.
Some variation in the actual path of the rally from chart projection, it behaves like a B wave, struggling gains in choppy trade. It's not an impulsive 5-wave, although many authors have tried to print an impulse here; it formed a 3-3-3 WXYXZ double combo wave, topping at the 0.618 Fibo near 2937 on 4/29.
Expect real volatility to return soon; NB: UVXY futures are persistently ^^^ and trades above $40, VIX holds above $30. Another spike incoming IMO.