Heading to 7900 - 7750. Heres my simplified take on things.

So a bounce from 8250 was on the cards for me. We saw some strong support in this region coming off an ABC correction. However its my view, that this push upwards has been invalidated due to the a wave failure occurring between the 'D' & 'E' waves.

Of-course, different time frames can tell different stories and it is possible that on a larger time frame this wave could still be forming - However I dont think so. We shall see in the next couple of hours..

Happy trading, stock up the beer.