People are probably going to start selling off and securing the profits they have made considering the risk is high right now.
As you said, there is a clear Elliot Wave pattern that has formed - but corona seems to be only getting worse, maybe we won't get an ABC, but maybe we will. We will see what happens tomorrow, not looking too awesome with Italy quarantine right now. I'll do an SPY fundemental update soon
Check out my SPY update I guess.