^^ This is the consensus opinion. I have to admit, my gut reaction is to agree. But I have two thoughts on that:

1) Everyone is seeing the same thing. From the momentum traders to the EW traders, most people see a 3-swing correction coming -- more downside after a bounce. "Everyone" is usually wrong in my experience. That is, if everyone thinks they can buy the dip, there is no dip.

2) The log parabolic structure: The $5400 low was damn near perfectly placed. A bounce and another leg down will start threatening the entire structure, suggesting that the rally is over. At this point, every move up and down should be getting more and more volatile, faster and faster. That's the nature of a parabola. Accordingly, I suspect there won't be another dip before new highs.