Looks like we are about to make a small jump back to the mid-8k range over the next few days. Watch the 3rd and 5th wave closely after the jump moving into June. If the fifth wave follows the recent pattern and turns bearish we will see another dip to the high 7k range. If the bulls can take back control I will re-evaluate then.
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Ever since the wedge was broken bears have been dropping bombs on every attempt to reclaim trend dominance. Both sides are beginning to weaken. Although no bottom has been truly seen (most likely the 7200-7000 range), I am beginning to see a rally at 7535. The bulls are giving on last attempt at holding this ground. If the line is held I believe the bears will turn tail, if not we are in for another rough 24hrs.