Room to bounce higher

During the morning session the market dipped down into the support region cited in the premarket update for blue wave (b) of b and is since trying to curl back up again. Therefore, it is reasonably probable that the morning low completed blue wave (b) of b and price is attempting to turn back up in wave (c) of b with nice confluence between the measured move fib and .618 retrace at around ~4440 as the ideal target to reach before wave (c) of b completes.

However, if price fails to follow through higher from here and instead drops back down below the low made this morning, it means either blue wave (b) of b has not completed yet and opens the door to a test of the .764 retrace at 4317.50 as the next support, or the red count is taking over and another extension within wave (c) of a is going to be seen that would likely target 4270 - 4250 next before reattempting a bottom.