Currently we are well above the (red) downtrend line that has ensnared ever since 2013 all time highs. This shows that the overall condition of the market is very .
However we are currently in a from the 370s drop, Here are some scenarios that we could see once it breaks
go sideways for a while then continue upwards to the 0.618 level as we have done many times before following a rally (see Follow the Fibs)
Move downwards finding support at the uptrend line from the August drop
Move downwards finding strong support at the long term uptrend line. A triple bottom here would be an excellent launchpad for a rally to new all time highs. If the price does drop to this level youll have to be quick. Everytime price touches this it only stays there for a few hours before bouncing right back up.