One more possible retrace before breakout

Quick notes for today, we held steady above 7500 currently at 7600 and the 50MA is coming to support us around what looks like back to the 7500 level. I predict one more retrace back to that support once the 50MA comes to meet us and will lead to either a breakout rally towards 8000 or another support failure meanining a retrace back to 7000.