If we look at the log-scale fundamentals, the that has been offering support for a year now has not been breached. In fact it served as major support in both February and March. I am personally 95% confident that the recent rally is not a bull-trap. There are also other linear-scale indicators such as 0.786 Fibonacci and which helped to triple confirm the 7,200 low a few days ago.
So I believe the market is giving pretty clear indicators that the 7,200 low is the end of wave 2 and we're now entering wave 3. I understand totally the count and the technicals such as the EMAs, but until we breach the log-scale support, I believe the indicators are very weak ones.