For getting a better entry-level, we should wait for a price reversal from the support levels. The 1st candle will confirm that the price bounces from the support. It will be possible to buy based on the high price of the signal candle. Such type of trading will allow us to catch a better entry price, but the trade will be risky if compare it with another type of trading.
If you want to get additional signals confirming the price reversal, the further upward movement, and the strength of buyers, it will be better to use breakout signals above the local swing high and the downtrend line. With such an approach, we won't get the best entry price, but we will get more reliable buy signals.
The market does not provide us the exact trading signals right now, but the market should be added to your watchlist. During the next week, we will be able to trade following a new upward movement.
The key still in the China trade. If the deal blew up you can bet your cookies it will go right back to 1550 gain. You kind of have to anticipate the events. Deal blew up during last Trump tweet he slaps more tariffs on China Aug 1 or 2 if not mistaken. Things heats up, people everywhere started complaining, US China goes back to trade talk trying to ease market concerns, but nothing changed. US China still don't have a deal and they can't even agree on where to sign this month. So then we will have our cycle as things heats up again when the deal delays and doubts kicks in. This primarily is because the government is trying to balance the market so that people to complain too much about stock market crash and such.
But it's not deal until it's signed in paper.