I think what we are seeing is a healthy correction after a huge bull run. I see a big Inverse Head and Shoulders
forming. To complete this Inverse H&S
we would correct to around 9.5k~9.8k area and maybe stay at 10k since big round numbers has strong supports. The 9.5k and 9.8k area is where we have FIB support and Trend line
support. Very good chance for a strong bounce there and another run up to test the 12k area to finally break out of the over arching bear trend line
. NOW if we don't retrace to the big support areas and we get a short term bounce, we would be creating a regular smaller head&shoulders and that can mean a retrace to around 8.8k level. Until we break that 8.8k level we are still in a overall bullish
run that started 2 weeks ago.