SPX bounce (ABC wave) nearing completion: Targets and Supports

Part of my ongoing analysis of the SP500 (see links below).

The bounce thus far has been as impressive as the drop had been.
The wave structure and Fibs resemble an Elliott Wave ABC correction.
The end result after an ABC correction is continuation of Trend (down).

Positive Forces:
- Covid sperad may have peaked in NY, so we may have a model now.
- Stimulus Bill is to provide support for small and large businesses.
- Interest rates are back to zero and might go LOWER next quarter.

Negative Forces:
- Consequences to the Golobal Economy are just STARTING.
- Dividends will take a beating for at least the rest of 2020.
- Some large and many small companies will go bankrupt.

If you are seeing "blurry" numbers on chart, that is a TV bug, not on purpose.
Click Here for a snapshot of the above chart with Clear numbers.

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Previous Analysis:
Jan 16: Call for Top or Near Top<= Must See
Jan 27: Initial plot of Virus effect
Jan 29: Virus effect a-b-c-plot
Feb 24: Initial plot bigger Dip
Feb 25: Dip update 1: Early Measures
Feb 26: Dip update 2: Wave B targets
Feb 28: Dip update 3: Friday Bounce
Mar 03: Dip Update 4: Wave C warnig
Mar 11: Dip update 5: Edge of Cliff
Mar 29: Dip Update 6: Key Zones Map

Previous Milestones Mapped:
Oct 11 2018: Top Warning
Nov 18 2018: Correction Mapped
May 07 2019: Top Warning
Jun 03 2019: Bottom Signal <= Must See

I also plot Forex and Crypto, see my TV Profile Page.

코멘트:

Wild early Wednesday moves

Perfectly executed bear trap at open and then violent bounce

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Zoom IN (8 min) for a closer look at bounce

very nice Ping on the support zone.
Should easily hit first target today,
maybe even hit the second target.

Lets see how this goes.

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