Bounce7 ended. Will we see Bounce8?

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Below is an excerpt from this weekend full analysis, posted Sunday 6/21/20.

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​In last weekend analysis, we wrote that $SPX $NDX IWM were likely to find support in the green support zone on Monday 6/15, and they would rise up and get stuck in the orange resistance zone.   This is pretty much what happened on 6/15 and 6/16.

On Thursday 6/18, we wrote:  
There is now a better chance that $SPX $NDX IWM will be able to rise towards the top of their orange resistance zones.   Keep in mind that this thrust is Thrust4 of Bounce7 for $NDX.  Bounce7 is still on schedule to end after Thrust4.

Indeed on Friday 6/19, $SPX $NDX IWM gapped up into their orange resistance zone as we anticipated.   Then at 10:27 AM we wrote:
Here are the conditions we are monitoring for to indicate Bounce7 is still intact.

• $SPX $NDX IWM stay above today's low.
• $VIX stays below 31.5

Soon after, $SPX $NDX IWM dropped below the morning low, and $VIX rose up above 31.5.   This combination told us that Bounce7 has ended.   And as projected, $SPX $NDX IWM ended up with a bearish engulfing candle day.

So now what?   Bounce7 has ended.  Are $SPX $NDX IWM starting  the highly bearish Dive2, or are they just going to snap back to support at the bottom of the channel again?  

To answer that we turn to market internals.

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