The recent move down should be viewed in the context of the overall uptrend in the market. Once there is support confirmed this is a range and the expectation is an attempt to drive the market back to the highs catching out anyone who recently got short. This would create bids as shorts look for an exit, and create order flow to push the market even higher. If this is a genuine turning point in the market then size selling will break the support, and that's a trend change confirmation but until then, I look for the market to make higher highs.
Comment:
First target reached at 1R. Move stop up. This second target is the last swing high pivot.