At this point in time I believe there is a strong chance wave ii has completed.
For now, some key levels to watch for signs of significant upside strength in the market:
(1) ~ $7400 where the market found some support before rocketing on Xi news
(2) $8000-8100 level ( zone) & approx. 200D
(3) $9300 - $9500 range, where the market truly began it's descent after falling through support that had held for nearly 4 months
Many are expecting the chop between $6800 - $7500 to go on longer. I will begin to dig for a better picture of the EW count once the market has asserted above the high end of this range.