Reverse stick in the QQQQ's, or Fibonacci doing the job?

There was a sort of "reverse stick" this afternoon, meaning some volume on the drop in the last 15 minutes. Neatly enough, it was right after the QQQQ's tested back up to the $39.82 level that we know is a very important retrace level on the monthly charts! It's reasonable to see how they travel from here, for clues on the larger direction of the indices.

Trader Brian provided a chart of the SPX that looks like the Elliott Wave marking approach indicated by Tony Caldaro - I've added that below. Point being, are we seeing another wave up as a "c" wave up, pointing equities to new highs? I'm thinking that the QQQQ level of $39.82 is very useful as a boundary to help determine that.

Speaking of boundaries - Also below is a chart of UUP. If you're bullish the dollar still, then there may be solace in the volumes on this last decline which seem not not too heavy. Sure, I'm also thinking the dollar can and should recover - it's just been an eye-opening drop as equities test back up to resistance too! If the dollar doesn't get support around here, then it can weaken a lot more such as to 73.54 $USD dollar index. That would be a very substantial drop and, we are supposed to think, "good for equities.". Or at least good for gold! So let's continue to keep a sharp eye on this!