If you're a heavy EW guy, than their is probably a lower low and corresponding correcting wave still left to form.
if you're a firm believer in random walk and the fib's, then the bounce off the .786 speed resistance arc, to the .610 speed resistance arc indicates a test to the .50 arc (which corresponds with the long term retrace)... likely we will see a rally to test resistance (the last preliminary support) before the last Elliot Wave's turn us into the next phase with upward impulse waves and a new full 8 wave cycle begins.
I.E trading here up to 12.7k seems like easy money. Will it turn and find a final bottom? Hard to say. The EW guys should believe it. I personally think this is a great time to be initiating a long position, and come back in 6 months. You'd be hard pressed to lose money with a long position today, and a hard sell in June 2018.
if you're a firm believer in random walk and the fib's, then the bounce off the .786 speed resistance arc, to the .610 speed resistance arc indicates a test to the .50 arc (which corresponds with the long term retrace)... likely we will see a rally to test resistance (the last preliminary support) before the last Elliot Wave's turn us into the next phase with upward impulse waves and a new full 8 wave cycle begins.
I.E trading here up to 12.7k seems like easy money. Will it turn and find a final bottom? Hard to say. The EW guys should believe it. I personally think this is a great time to be initiating a long position, and come back in 6 months. You'd be hard pressed to lose money with a long position today, and a hard sell in June 2018.