This debt market is exploding. Stock prices are rising while on average 800,000 individuals are claiming first time unemployment per week.
Growth has become stagnant while many retail traders are using up their free time and joining the stock rallies to make an extra buck to compensate for the lack of jobs available due to the lockdowns or the now permanently shut down businesses. This is a bubble waiting to burst.
This analysis is based on what happened around 2008 solely based on TA. But due to the current market conditions I would not be surprised if this occurs. 2.618 Fib levels are based on the lower high theoretically being created just as it did in 2008.