There's absolutely no confirming action yet but here's a thought.
There is a fully formed complete 5 wave move to the downside. If it is then ought to see the best bounce in over a year, into the 515-545 range over seveal months.
Another interpretation is that wave 5 isn't done, this was just 1 of 5 and it will extend further down after a modest correction toward the 500 area.
Neither view is confirmed by action but I favor the latter view simply because I don't see the powder to mount the larger rally.
Do see the whole complex as becoming nearly as oversold as it was overbought following the winter rip.