(Here I wish to make a remark to people applying Theory. Sometimes the theory has its shortcoming to predict 100% the future development. It provides us the possible scenarios. The fact that unexpected fundamentals and market sentiments change the wave structure. However, the major trend is not affected. You may visit my previous analysis appended below.)
As shown in the right chart, the first wave of correction ends at 0.5 of the preceding five-wave . SP500 rebounds. However, we see from the monthly chart, it clearly displays a (Dec, Jan and Feb). It tells us that the market reversal has started.
Now we go to the left chart. We now see a 0.5 rebound from the preceding first wave of correction. Probably the short term rebound comes to an end. The optimistic atmosphere should not be able to support SP500 to go back to the crest so soon. 50% is the first . and probably 61.8% is another . Panic selling may come back soon. Stay tuned.