C- wave was a 1.382 Fib extension of A... i'm guessing we saw this extension due to extreme fears in the market given the pandemic response and subsequent shut downs. Please note the timeline for the drop, however. This was in the cards long before anyone was aware that a pandemic was around the corner... 1.0 to .768 Fib level may have played out otherwise. Price and sentiment drives major markets for the most part. News and talking heads are usually an excuse, after the fact.