We have to consider the possibility that we are looking at a two year triangle 4th wave. If correct we could be going sideways for a few weeks in a little triangle and then have a thrust up to 30000/31000. It is possible that this minor degree 4th wave will not become a triangle and that we go straight up from here. We would hit the upper trend line a little earlier so more at the lower end of this range.

Whatever happens, the drop from there should take us down to at least the 19000 level of May this year, but more likely a lot lower.

For the big picture, see also previous blog repeated below;

This is a wedge right from the lows after the depression.