Fibo ratios are in place suggesting the next possible targets. Weekly chart turning with divergence.
I know the big drop today is somehow scaring (good tho), so to be on the “safe-side” I would suggest buying at levels close to today’s high with a stop-loss somewhere on the channeling (in light gray).
Bottom line: The end of a downward trend is clear and it gives a good opportunity to trade a correction wave with reasonably low risk.
What you see on the chart above is my preferred count. An alternate count, as you observed, could be to assume that abc would be the end of a corrective wave. However, in my view, this would not fully satisfy the classic fibo ratios (although we know that in high leveraged markets this is not uncommon)
From an “investment psychology” perspective, although bulls had won the last session’s battle (with good volume tho), they somehow fail to penetrate a more important support setting market below 15’s. They may have a second chance on Monday’s session; however, they must be convincing about it.
At any rate, it doesn’t seem to be a major retracement and then again here, money management is key.