The market is pretty much right where it was at the close on Monday, with the S&P 500 tracing out a near perfect ABC correction of the entire move down from the all time high (3393) on February 19th to its low on Monday (2855). The correction could be complete at today's high, having reached a 50% Fibonacci retracement of the entire 10-day decline to Friday lows. Whether it be politics, or coronavirus, or an economic slowdown, the market is shrugging off all of the "bad" news of the past two weeks. This would also fit into the classic psychology of Wave 2's. The ramification if this is indeed a Wave 2 counter-trend rally, is that a Wave 3 down is in the market's immediate future. As we have seen in the past few weeks, deep triple digit option returns are common when we get the direction right in this highly volatile market. I'm leaning toward the Wave 3 ahead and it will be likely assured should Monday's lows get taken out. If instead it's the Feb 19th high that gets taken out, TSLA closed that day at $917 which would be another deep triple digit opportunity. S&P Hourly: About a 50-50 Shot of Being Spot-On
