I still expect a bit more of a bounce. You don't turn an army of bulls on the run without a big fight. From here down to 10,930 is the battlefield. If the enemy is on the run then the 150-minute M/A will handily turn it back. Otherwise expect it to be penetrated by up to 40 points.
Well, just looking at the 1 min chart here in your post, it's obvious that the move down over the last hour or so is not impulsive, overlapping waves and all. So a likely count would be that today's low marked the end of the first 5 waves down, the move up from there was the A wave of an ABC correction. The overlapping waves trending down was/is the B wave and we'll soon have a C wave that will take the market higher than the A wave did. After that ABC is done, then the real fun begins (we hope!).
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