We are not sure if current corrective rally is over but to us the picture is quite compelling suggesting as long the November high holds we must expect another leg down that should bring the index close to 3400.
A well divided wave down ( The trend ) followed by a choppy advance ( Corrective counter trend ) just make it for a textbook Elliott pattern. That being said Is it only a larger correction in a big bull market or the beginning of a bear market? That is not clear. Not at all.