Hi, thanks for your charts and sharing your ideas. The market has bounced nicely off of your support zone and appears to be headed toward resistance that you have so nicely identified however these types of longer term corrections can go on for much longer and deeper that what we think sometimes. IMHO the break out of the daily triangle (see chart below) substantially increases the probability of hitting 5000 and lower. I would say it is safe to say that most of us are longer term bulls as we struggle to find the terminal targets to the downside allowing us to re-enter the market long at more favorable prices and better manage risk. While your charts do a very nice job of identifying traditional support and resistance levels it is difficult to estimate where the correction may end and make the turn. This is where I find EW most useful as an analytical tool and allows us to more closely examine price behavior and help us zoom in on possible areas where the correction may complete. I have included my weekly chart post of 25 April 2018 with link to full thread and recent updates where we have been talking about corrective price structures and we have laid out several EW counts on how price may unfold and then look for price action that either confirms or invalidates our thesis while we always maintain a alternate count that allows us to more easily shift our focus to changing market conditions. Click chart below for your ready reference. Thanks again for your post and best of trading.
Boss take look at my first and maybe last analysis <3