A-B-C
Using SPY for the US market and EEM for general Emerging Markets, I’d like to illustrate what I think may be in play on the short-term.
SPY shot up to the equivalent of our first S&P 500 target around 1980. This was based on lateral resistance (not shown on the chart below) and a 50% Fib retrace. We also have an ultimate potential upside (corrective) target equivalent to SPX 2040. That is the thick red zone on the SPY chart below.