SPY was rejected at 250EMA and 61.8 Fibonacci retracement level and it completed a legit 1,2,3,4,5 impulse into a complete wave 1. My target for wave 2 is arrount 250.
On S&P500 we shifted to the idea that is a 1,2,3,4,5 into an A and now we are working on a B we've got a much more bearish pattern here though we are still below 200DMA and 250EMA . It is look bullish if it wasn't for the bearish rising wedge that we're looking at. Contraction price in the rising wage it is an ABC or leading diagonal of an impulse wave...
On the weekly roadmap a nice bounce up to the 3000 area is expected unless we break 2500 with confirmation. We shall see how all this Coronavirus news settles or whether this bear market continues and completes to final targets.
