S&P 500 (Daily Chart) - Time for a Rebound?

After our last predicted move down, the S&P 500 has been bearish for the past 2-3 weeks, and has fallen all the way to the target trendline.

While there is a high chance that this might lead to a bear market, there is an even higher chance of a small rebound first.

The key will be where the rebound ends.

If the rebound falters before testing the prior highs, then it could well confirm the new downtrend.

Comment:

Rebound has finally happened as predicted, but i think it is more of short covering rather than new buyers stepping in.