Possible scenarios over the next day or two

Right now, the market is sandwiched between two vital levels of support and resistance. If it breaks down, that confirms a move to the 220s. If it breaks up, then we can expect to see a little bit of consolidation in this are followed by a steady move toward $400.

Both scenarios are plausible at this point, but I wouldn't underestimate the bulls at this point because bull markets often surprise everyone. Many people are expecting a heavy retrace, but this may turn out to simply be the beginning of an even bigger bull market that will make the recent parabolic move look like peanuts.

Overall, I'm still very bullish long-term. As I've mentioned before, I think we've established a long-term bottom and I don't think this is just a bullish retrace in the middle of a bear trend.