On the other hand I am seeing a butterfly pattern in development which could take us far higher after this retracement, or right away, we can never know for sure... In any case the B point of the possible butterfly made a perfect 0.786 retracement! But bulls will need to push hard to get above that January high level, above which possible longterm SL levels may be triggered taking us high enough to complete the butterfly!
This is my AB=CD trade idea, all credits to you for pointing it out!:
And this is my butterfly idea: