This is just the best case (7/10% if the rally is quick, more if slow but that is not the regime right now)
Not sure it will complete: There is resistance exactly here in linear chart and the move up is 161.8 of the previous correction (an area to watch).
top seems to be not ew far, now looks to me as finishing w3 from final 5, w5 of 5 could be weak as 5w5 in 2011
Since everyone speaks of how overbought are things... i am looking at the outlier scenario.
My conclusion is (other than tacticals) neutral as i can bear short or bear long.
To express the potential bullishness i shorted bund which is technically capped here and would benefit from a rally.