After a ~35% panic drop in the S&P and a bear rally fuelled by the fed money printing machine, will reality finally catch up with the market? Record unemployment, lackluster company earnings, a shutdown economy, a worsening health crisis, uncertainty for the future, declining volume & momentum - all ingredients that reduce investor confidence which will inevitably cause the market to drop. I suspect to at least test the recent low, if not much lower to around ~1600.
Price has hit the .5 retrace at the 1:1 extension and it's all down from here. How far down we'll have to see what the wave structure gives us.
Love the detail! the only thing that really stuck out to me is something I decided to change last second on my analysis. On the broker chart you have up (FXCM) it looks like your last Minute B wave (apr 24th 1:30) is equal or maybe even a little lower than the following minuette (ii) (apr 24 5:00) but on other brokers charts such as Oanda and Forex.com's charts (which I find to work slightly better than FXCM for SP500 / US30) the minuette (ii) ended up breaking below the Minuete B. I moved my B to where your ii is because of that. This of course moves everything to the right of that point up slightly. meaning maybe even one more small extension after where your last minuette (v). Other than that one thing (which I could definitely be wrong about) I really like your mark-up!
liquidcactus
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@VVSInvestments, that is a very good point. Shuffling the count along, it looks like 2880 would be the target for wave 3 at the 1.618 extension, which doesn't leave much room for wave 5 to not break the 2890 high. As you said earlier, it could be a truncated 5th. We'll soon see!