We have a huge confluence of support right here. We are testing the trendline from the December High. It also is right were the current upward trend from June is along with price resistance/support lines. If you look at the daily chart there is currently at a huge confluence of support and it is likely that we will see an bounce or a reversal of this downward move. When we broke out of the resistence from december we never tested it as support therefore the price needed to come down and test that same trendline that was resistance for so long. So there is a high probability of a bounce. I hope we reverse on this bounce and continue up. I am not sure which way we will go, but if we go down below 6k I believe we will follow this trendline from the December high down. This trendline is the thin orange line that is extending from the green pennant trendline from december high. I am not saying this will happen but if it does I am putting a target between 2.9K and 4K. But until we break below are current trendline I am expecting a bounce in the short-term which could be wave 2 or 4 of an upward impulse meaning the move can't be over. Others think this is a correction from the downward, but with this impulse reaching 8400 it should have invalidated most of those bearish counts. So whats next move????? There is one other count where we just move sideway with lower highs
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One possibility
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Possibility 2
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Possibility 3