The chart below is once again the Weekly S&P only this time with Fibonacci retracement levels superimposed upon the price chart.
Each bar represents one week of trading. There have been ten bars since the early March low. The past seven, including this week, have been blue, equating to an uptrend. As of today, Monday, the uptrend has just touched the 25% retracement level. Prices can rise further, without endangering my premise that this is a bear market bull trap suckers rally.
The 38% retracement is way up over S&P 1000. So a normal retracement would be expected to run 10% or so higher. But this is not a normal market by any means. I don't expect prices to breach 1000, but even if that happens, it makes no difference as to what will come next. The first red weekly bar will trigger the trade of the year.