Notice on the daily chart (above) that price has been in a range for the past several weeks. Note the 5 accumulation days, where the market closed up on higher volume. William O'Neil says that when you see 5 distribution days in an uptrend, you should get ready for a decline. I posted about this phenomenon several times this year in real time (see here, here, here, or here). I don't see why the reverse logic shouldn't hold true, i.e. 5 accumulations days in a downtrend would portend a sharp rally.
Also, notice that MACD has diverged with price, and that this final down wave may be an ending diagonal. If price resolves these patterns as normal, we could be in a for a very strong rally very soon.
Now, I have to say, this is contrary to what many people are expecting over the near term. I am reading a lot about expectations of a crash to below 800 or so. Well, if everyone's expecting that, who's going to sell to push prices down???