@sim76, Zoom, zoom, zoom for a while. Typically harmonics retrace to the most popular fibs of XA. There don't believe there is a hard and fast rule about that. I don't think this market is going in the crapper or cloud 9 for that matter in the near future. It will chop around. Unlike the "one event" retraces of the previous bull run, COVID is not something a person can fix by pressing the button. Liquidity crunch? Don't drop the market, we will continue quantitative easing. That is how it went in the 2018/19 drop. Not the same today. Don't expect a 'V' recovery. I see Vs embedded in Vs shaping into Ws and Ms and whatever else. Typical wave 4 for a while.
goatrades
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@frodo75, Expecting testing ATH then a huge flush down below the 2000?
frodo75
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@sim76, Nothing as radical as that. The market will never be allowed to go up/down that far. The Fed put works. Fed's only role is ensuring the banking industry remains liquid and they are sticking to that charter. Banks can get themselves into any trouble and Fed will bail them out by buying their toxic assets and stick it to the treasury.
General market should not see ATH for a while. Tech is the only sector that is running up and given time, half of tech will fall to the ground too. In an animal herd on a run, it is difficult to distinguish a horse from an ass. Let the dust settle a bit and you will see.