The first stage of sentiment in a larger correction is Denial. Furthermore Elliott Wave has us completing a wider flat for the first B wave of Minor degree inside the Intermediate (A) of Primary 4. Elliott Wave says of B_waves, that they are fakes, they suck people in making them think that the previous trend has been restored... only to trap them when the correction resumes... Non EW folk call B-waves, "Dead Cat Bounces" or "Suckers Rallies"... It is all the same. Those in tune with the ebb & flow of #Sentiment as the driving force for price action in the Markets and the price patterns that said sentiment produces will see this "rally" as an opportunity to further prepare their portfolios for a long bumpy ride down over then next 12-24 months.
My ideal ideal target for the bottom of P.4 (based on the confluence of a number of Fibs and EW guidelines) is the 2130 into late 2020. While we know that the exact path of corrective wave and fourth waves in particular can be somewhat elusive and convoluted, in the short term the market seems to be setting up the first larger (Minor Degree) of what I like to affectionately refer to as a Pirate Ninja*. Most EW technicians will just call it a C wave. This PirateNinja should target the 2400s into Q1 (or early Q2) of 2019. However it is possible that the smaller c wave inside this wider flat B still needs to attempt to grind higher in more of a (v)th IF it can hold support in the 2750s (ES) as a (iv)th.
From the 2400s low as an (A) wave I think the bulk of TIME in this Primary Wave 4 will be spent in a choppy ABC up for a (B) wave... this could easily reach back up toward the 2700s and possibly do so TWICE. Again testing those emotions and making market participants question and think that a new rally may be starting...
*Colorful language for a "measured move"