Counting COVID19 panic as zigzag correction. On a monthly chart, it reads as a test of the bull market trend line from 08/09 financial crisis low (666.36). One may be tempted to count that undeniably strong move down as an impulse down, but detailed analysis proves otherwise. The drawdown was driven by panic margin-calls, so the magnitude of the move was quite scary. From the cycles persperctive, we need to wait until the close of May 15 where the window for short-term cycle lows closes and the market may prove that analysis wrong with breaks below the unfolding wave 5 (targets 3100).