The sentiment on my part seem to be that we are still in a corrective move. The question is, if this correction is a uptrend corrective counter move or if this correction is a corrective move from a downtrend starting from its Oct highs. If we can isolate the corrective nature of the move then we could possibly set-up for the stronger moving direction. There seems to be no urgent move to the downside causing me to think that this is just a levelling off till it moves higher, but we have to keep an open mind. Therefore I have included a possible BEARISH SCENARIO at the bottom of this post (2nd chart).
BEARISH SCENARIO (bottom):
BULLISH SCENARIO (bottom):