S&P 500 20 Minute: This is the S&P 500, 20 minute chart that captures the last month of trading—including the most recent bottom and the current countertrend rally. 
I’m considering the bottom that was reached on February 5 as the bottom of wave 1. Then, over the past 6 days of trading, the market has set off on a countertrend rally that has yet to reach the 38.2% retracement level. That is why I’m allowing for a bit of a pop early next week (although the pop is not a certain possibility) before the market begins wave 3 down as indicated by the arrow on the right side of the chart.
Social attitudes will be greatly affected by another economic downturn that rivals the original Great Depression of the 1930s. Prior to the Great Depression, leaders at the time had confidence in the market. John Galbraith, in his book The Great Crash said, “President Coolidge neither knew nor cared what was going on. A few days before leaving office in 1929, he cheerily observed that things were ‘absolutely sound’ and that stocks were ‘cheap at current prices’” (pg 26).
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