The larger pattern on the weekly chart has a potential double bottom; and the current lift from the beginning of 2016 could be a 3rd or C wave. IF this is the case, we would expect the current lift to be similar to the first (2012-2014), potentially taking the market up around $36.00. The daily shows a recent drop off from $30.00 - it will need to find support and reverse. On its way back up a riskier opportunity around $27.10 (dashed orange) for a move back to the last highs at $30.00 can be seen. Waiting for a break of the $30.00 is less risky for a potential move to the next blue s/r zone ($31.50) and then potentially the $36.00 target.
IF the above scenario fails to unwind to the positive, we can see the next significant supports for the market, as well as the potential technical trigger considerations, as it drops. Orange arrows highlight the expected moves; dashed orange trigger considerations represent higher risk.
Of course the market rarely moves in straight lines. Expect more up-down zigzag movement: watch for this to occur at the technicals.