The corrective movement that has been going on since mid-December is giving us a clearer picture:
My primary count considers we are finishing the “green x” wave of the correction, which should lead us to an upside for the “green y” wave.
The yellow box represents the bounce area, as a confluence of the blue and red extensions.
Another leg down is not ruled out, but if it happens, I expect it to fail.
We also have bullish RSI divergence, which is another good indicator that a reversal is in place.
A break of the blue descending trendline would give us a high probability of testing the green resistance zone, close to 17k.