I just don't see it. We're currently under the big $9600 weekly support which it would need to cross to uptrend. We have a giant bearish engulfing candle on the daily. Not yet at a major historical support nor at the daily trend line from the start of the rally on April 1st. I think we're going to see 8k range.
lienhard
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@mrjgardiner, I appreciate your thoughts. I'm basing my analysis on the Elliott wave structure of the correction. It doesn't rule out going lower into the 8k range, but at this point the structure looks complete to me... perhaps almost too perfectly complete. We'll see. Long term uptrend still intact in either case. Thanks for you feedback.
businessjeremy
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@lienhard, Thanks for the kind reply back. Have never used Elliott wave. Best of luck friend.