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.