I think with both scenarios there is still upside here, I need to see more to confirm the impulse wave....if the price action can come down to the 200 Day MA at the 0.618 Fib, I am happy that this is in an impulse wave but so far there is not enough movement to confirm that this overall structure is not an ABC count and so I can not rule it out for now.
A number of bad earnings over the last 18 months, the market may need to see consistency now