As I see it at the moment, we are in the middle of the (hopefully) last leg(s) of the correction. The orange support and resistance lines are from a 1D level (dashed = log scale), while the yellow ones are from a 4H level. Interestingly my two main ones cross exactly around 7500 which also coincides with quite a few fib extensions. I see therefore a good chance that we bounce around that area.
An outlook is always hard, but if we assume that my count is correct we would quickly go to around 8800 - 9200 for the 4th wave and then brace for impact for the 5th (we are right now finishing the 5th subwave of the higher degree 3rd wave). If we get lucky we might double bottom around the 6100 - 5800 area, but there is certainly the possibility to go lower than that if support is broken.
An outlook is always hard, but if we assume that my count is correct we would quickly go to around 8800 - 9200 for the 4th wave and then brace for impact for the 5th (we are right now finishing the 5th subwave of the higher degree 3rd wave). If we get lucky we might double bottom around the 6100 - 5800 area, but there is certainly the possibility to go lower than that if support is broken.
Comment:
I'm aware that the considering the impulse wave up from 6k as a corrective ABC is a bit of a stretch, but a (IMHO) valid count (correct me if I'm wrong, please) can be found to make that case. If you don't like that, you might want to reconsider it, because if that's not the count we are going for, then you have to have a look at the alternative (linked below as "The Bigger Picture: A slightly more bearish version")...and I'm not sure if you are going to like that better than an ugly ABC to start with...
