Since my last chart in Dec 2018, there are a couple of possible wave counts that have merit at this juncture. The two that have the most merit would suggest further downside. If we assume we are in a secular bullmarket, the Grand Super Cycle Wave 4 low was the GFC low in 2008.
See this post for long term secular bull market
S&P 500 Seasonal Low
Since the GFC low we are now likely to have jsut have completed an impulsive 5th wave up. The chart below shows some of the structure of the 5th wave from the GFC low (this wave structure is itself subdivded into 5 waves).
Of several possible wave scenarios, two seem to have merit:
1. You can shift the degree of labelling so that we have just now completed Super Cycle Wave 1 from the 2008 low to Feb 2020; that would be Super Cycle Wave 1 of Grand Super Cycle Wave 5. If you take this scenario, we have just completed Wave 1 up, and a Wave 2 target would be 1700 (0.618 ratio).
2. We have now completed Super Cycle Wave V of Grand Super Cycle Wave 5 which would place February's top as a higher degree Wave 1. Wave 1 encompasses more than 100 years of an impulsive wave up. We would obviously now be at the beginnings a secular bear market and the S&P would find lows near its lesser degree Wave 4 - 700s. I can't merit this at this time, but I post it as a Wave Count option.