My bullish scenario which I am assigning the highest probability is that we completed an ABCDE correction and then saw impulse wave 1 and currently we are in wave 2. I was thinking that we saw an extended flat on wave 2 and would see a drop to 10450 or so however maybe we are getting an ABCDE correction with an extended wave B.
My bearish scenario is that the correction was a bit too quick and we could be just completing wave B of a larger correction that could take us as low as $7800.