I'm not sure about that.  If we stay in 775-800 range for more than few days, you and millions of other traders will be looking at the reverse head and shoulders pattern.
Who is going to sell this downtrend breakout?

I think chances are we'll have another failed attempt at 700 or go down from 670. If we go down at all.
It all depends on the selling pressure around 700.  I think shorts/sellers are getting tired of getting burned, so next attempt might be successful and we break 700,
go to 750, retest 700 and back up.  The longer we stay above 600, the less selling pressure you'll see when the market moves up.

So forget about falling from 750s+, if we continue downtrend, we'll do it from high 600s, IMHO.