This is a 4 hour chart of the E-Mini S&P. That January peak of around 2880 is up over 40% from the around 2090 level Nov 4, 2016. We didn't even trace back 50% on the subsequent profit taking, which in itself is a good sign. We also traced by 75% of the plunge and are now retesting those lows.
At best we are in a wait and see, if we can get some up move the next couple of days, then that will continue to be favorable to an up market. It's up to the sellers now to put in the volume to keep the down wave going.
Alot of what's going on is no different than happened in the late 90's. We may have more room to run, though at this point we will see a top within the next 6 months to a year.