Update

If the idea for wave X is right I expect it to take similar shape to the one shown on the chart. It should burn time so that traders forget about the pain from the two sell-offs and stop talking about bear market.

Very choppy price action... curious to see if it play out:))))
Short term I expect spike higher after the ECB meeting and reversal. Than lower to MA200 hourly until FOMC next week (20 day cycle low).
Than the resistance zone to be tested and March to finish green... I can not say with higher high or lower high before seeing how the moves before that develop. April should start lower to finish wave B and 40 day cycle low than one more rally in May to finish X.

Fibo and support/resistance levels converge very nice, which is usually a sign that this is the right pattern.

Update

The indexes moved higher SP500 reached the resistance zone not a big surprise. So far we have two legs higher. On the chart are shown the two scenarios which I am talking for a while. This week should give us the answer.

My preferred scenario is that we have wave X (yellow) to correct the move down which begun last year and to reset the bearish sentiment.

Alternate scenarios if I am wrong:
The bearish scenario is we have single zig-zag "a-b-c" and "the bearish market" resumes - I do not see signs for that neither indicators nor cycles nor market breadth and three weeks are way too short to correct 9 months.
The bullish scenario - we should see the price continue higher and move substantially above resistance, to test it this time as support and new ATH for an impulse. The problem is market breadth is overbought and McClellan Oscillator at nose bleeding levels so another 100 points for wave 3 look problematic...