After a Rally from the 4900 levels back to the 5200 a negative momentum divergence started to form in the chart. Still in the positive side, but this could mean a major correction is forming. Let's remember that the previous correction was 5% from the All Time Highs.
It all depends if the S/R @5200 is breached or not. If not then the ATH will be left behind for while and the next target will be above the 20ma (5000), or the 50ma (4700). Still in a Bull Market.
The VIX currently is at 13.27, which lately has been the bouncing level. The VIX could still be at those level and the leg could try to go to retest the ATH.
It all depends if the S/R @5200 is breached or not. If not then the ATH will be left behind for while and the next target will be above the 20ma (5000), or the 50ma (4700). Still in a Bull Market.
The VIX currently is at 13.27, which lately has been the bouncing level. The VIX could still be at those level and the leg could try to go to retest the ATH.