Current drop is now same in magnitude of the previous large drop in Dec, 2019. A critical resistance at ~8350 defines whether this was again, a standard pull back or a larger ABC retrace.
This ABC retrace is only valid if:
Upwards rally doesn't maintain above ~8350 for 3+ days.
If it shoots past ~8360, stop is here. If this partakes, corona virus was again the hype catalyst and not an actual market mover scenario.
Wave B to C must fall past the 2/1 Gann line or else upward trend will continue for the time being.
Also this thing can just shoot down another couple hundred points. Hoping for this tbh.
Not investment advice.
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It just shot down 300 points! DJI down ~900! (As of 9:59pm EST). Still lots of volatility, expect this to average out by market open and drop further near close.