The three Fib reversal rectangles in this SPX chart all marked areas where SPX was expected to top-out and resume its downtrend. As per the third rectangle on this morning's short-term chart, price is nearing a high probability reversal in the next few hours, days at the most. For any puts that were stopped out via a 50% trailing stop, now is a time to add them back into the mix. Yes, the market could go higher still, but not that much higher and based upon this EW analysis, there is a heck of a lot further to fall than there is to rise. SPX 2 hour Fibonacci Reversals During The Covid Crash
