I have taken the last historical bullish rallies and projected them from where the index is currently now. I have also projected a 5 wave impulse with standard textbook wave ratios. This is a bullish view. One could also carry out the bearish version.
This is an interesting long trade for the medium term:
1. Bullish Engulfing Pattern on a biweekly scale
2. 61.8% retracement of the first impulse
3. Price is moving out from oversold
The SL would be at $69.9