S&P500 ~ today's decline should be followed with another rally before ending the bear correction...
It is hard to believe that this market wants to rally, so bad! Even though today was a big down day caused by the near doomsday news on the coronavirus....it is just a pause before the market tries to rally again......This is the true definition of a "bear market rally." Since the end of the first five wave decline over a week ago the market has been in a relief rally. The decline completed wave 1 and the corrective rally underway now, when finished, will complete wave 2. Wave 2 will form three waves that we are showing as [a]-[b]-[c]. Yesterday's high reached the Fibonacci 38.2% retrace of the entire decline and also touched the upper trend-line. The high on Monday completed wave [a] with today's decline as part of wave [b] which when complete should start another rally leg for wave [c] of 2. Notice how the wave structure of the market matches right with the fundamental news events. Price had finished it's first [a] wave rally and just needed a...