I think the correction is still due. What caught my attention was one of the mainstream media where someone mentioned about 1800 acting as a floor. While I don't see this level on my chart, it is a psychological level. For example, I liquidated my short position at 1800 (which in turn was a buy at 1800, if you get the drift).
1810 - 1820 has been a price magnet as you can see past candles leaving wicks esp . at 1810 region. RVI has been respecting the lines very well. If today closes a bit higher than 1800, then RVI could pull back to the dashed lower and this hit the main divergence line (goes along with the retracement theory) before pushing lower.
Targets come in at 1773 and the grand target at 1685 (but we'll come to that later). Play for next week would be to watch the charts (preferably H4) to catch any reversal patterns.
** But do be careful as Wednesday (29/01) is the famous FOMC statement (aka taper talk) and US advance GDP q/q
** Keep an eye out on Nikkei Index and how Asia opens on Monday