This is a model of the retrace from the dump to 7480. The double bottom at the vicinity of 7500 and the bounce have formed a narrowing channel heading to the first fibonacci level of 0.382 just under 7800. This should be considered a short-term entry for a short or close for longs opened at 7500-7600. After reaching this target, further upside as high as 8k is possible (.618), but ultimately, this is a bull trap/bear flag that should break down at one of these 3 levels.
