This small bullish pattern could be the finish of the 4th wave and the start of the 5th wave. Although in the end, it could continue the bearish move to reach lower targets.
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(this is only a personal guess and opinion, Do Your Own Search and implement your own...
It appears that the correction of the previous rally didn't finish, and we are in the last bearish wave according to Elliot-wave count. Although, the market could start another rally afterward due to the promising news from Federal Reserve.