I will stay with the big wave structure until this wave count shows me otherwise. Fast moves like this tend to never last that long as most moves like this are just emotional moves. FOMO or unstable algorithms producing flash crashes is part of the landscape that we can’t avoid. The SP500 is starting to flatten out a bit so it’s just a matter of time before some mentally unstable algorithms start to freak-out. I’m just having a bit of fun here as algorithms are not human but very few people can tell the difference. Algorithms are created by humans just the same. Traders can’t move as fast so spikes are produced which usually develop at turnings.
The bigger the spike the bigger or longer any counter rally will last. Since the 2018 January peak, we’ve had more spikes that we can count and each one produced a reversal.
In candlestick form, you would have to count all the “Hairs”, (Wicks) and always know the price of each “hair” tip. If this rally is a bearish rally then a new low below 2040 should happen. Many analysts are very bullish at this point, but they were also bullish at every major top we’ve had so far.