All scenarios are still on the table.
Trendline has moderated a bit, making a more symmetrical triangle pattern that has not yet resolved either way. Guilty until proven innocent.
Keep one eye on the VIX. There is a choppy tension on the tape.
A good indicator of stock market price dislocations is often referred to by traders as "tension on the tape." What they are actually referring to is a type of volatility that moves the market in rapid intraday extremes or very tight trading ranges. As we have seen recently, the market can open up or down 50-100 points or more and then seemingly reverse instantly to the same extent.Big data out next week with an FOMC meeting (jawbone opportunity), Chicago PMI, and Q4 Advance GDP on Friday. The figures are always revised and economists expect -5.2% so be wary of a 'better-than-expected' print.
