Whether this means that this recent bounce would just be a corrective wave B, is unknown. We'll have to see how the next week plays out. Headlines keep whipping markets around day after day, Middle East conflicts, Chinese Trade War, Oil Prices, Tech issues, Tweets, etc.
season is getting started too, but headlines may bury those likely positive fundamentals. Interesting time to observe and learn what traders react to and how.
Also checkout the fib retrace levels. If there is a breakdown, it would have to occur soon around the key 50% and 61.8% levels. Which strengthens the technical case for continued decline. Overall though I'm neutral because and news.
Let me know if you have any thoughts on this!
Bouncing up now, looks to be in an equilibrium finding pattern. This means likely continuation as the traded range tightens. Break above the upper downtrend line would signal a bigger move upwards!