In other words if you are using the Principle you cannot say for sure we started a new rally at 3466 i.e. a 5 waves affair with a minor correction in progress as wave 2 as shown on the chart BUT you can say with high confidence worst case scenario is we are in a correction. The most I could be for now is we would get another leg up towards 3700 in a B wave of a Flat that would be followed by a sharp C wave down just below recent low.
Markets are much more that we all think. It's just it might start to get choppy. Hold on tight.