We're going down short-term whether you're a bull or bear.

We need a correction in the short term, whether we're going on to make new highs or lows. So the orange line is currently in play.
IF we are indeed in a new uptrend and going to make higher highs, we should see major support around 7,500 (which still implies -10% over the next couple weeks). And a 3-wave move on the downside
IF we are continuing the downtrend, we should see more bad days than good coming up for the markets.

Personally I plan to short this market until we get to major fib supports.
Then maybe take some profits and wait to see if we get a good positive reaction off those levels.

The counter trend up-rally over the last month has been solely based on central bank liquidity injections. Amazon just reported that they might report a loss for Q2 and Apple says they can't give direction.
Which = Uncertainty = negative for markets