update: 7030 is touched as price attempts to retrace after the relentless rally. The big question: Is this the beginning of the big correction that everyone has been waiting for? Or just another shallow retrace? I will refer to Elliott Wave in order to get an idea of what is reasonable to expect.After the consolidation breakout which eventually got labeled as a Wave 4, the count for the 5th wave is pretty clear. The current retrace puts us in 4 of 5 which implies there is a chance that we get one more attempt at new highs before the BIG correction. We are now 10 days away from the fork, which makes for plenty of time for a retrace, a reversal and one more push toward 8k.As I wrote about in my previous report, there are extension overlaps in the 7900 to 8k area which makes it a convenient potential peak. So if I were shorting (to be clear I am not), I would not be too aggressive with target expectations on this leg. 6840 is the nearest support which happens to be the .382 of the recent bullish swing measured from the 5632 low. That level may offer a swing trade opportunity long if a smaller time frame reversal pattern can appear there.If that initial support breaks, the next support is the 6640 level, which is the .382 area of the bullish structure measured from the 5114 low ( previous Wave 4 low). IF price actually retests any one of these supports, and a bullish reversal formation shows up on a smaller time frame like the 1 hour, these would present attractive reward/risk opportunities. The key to this is the bullish reversal formation (like a double bottom ) which provides a reference point to measure risk from. Without that, we are just bottom fishing.The mistake you want to avoid is jumping in too early. This is an easy mistake to make without any point of reference or too much focus on smaller time frames while attempting to swing trade. For me, the entry process begins with the level, and if price is not at a level that I have defined previously, then I have no reason to do anything else. Once it reaches a level then I move on to the next step which is to evaluate the chart patterns.What if price never makes it to a level and reverses sooner? That can happen, and that is not a trade that I will participate in. I am looking for opportunities that fit within my criteria for my swing trading plan. This keeps my decision making simple and helps to minimize any emotional tendencies like forcing trades because I am afraid to miss the next move up.How do we know this is not the big correction? I am anticipating that it is not because of the fork in 10 days. I believe many of the investors who missed out will see this as an opportunity to get on board the money train before it goes to 10k (which is what all the hype is telling them). That may be enough to get this market to retest the high which will complete Wave 5 of 5. After that, any correction like this and I will be expecting much lower levels. Anything can happen and I could be wrong, but that is what I am going by until the market proves otherwise,In summary, the current retrace is perfectly normal and still very shallow at the moment (relative to this market). This exact price action is why I do not buy at 7500 even though this market still has a chance to run to 8k. I am willing to take a long swing trade at the 6840 level or 6640 level if price action cooperates (and risk can be clearly defined) and hold it only for an attempt of retesting the high. Wave 4's are typically the easiest wave to forecast because 3 waves have to be in place which is the scenario at the moment. Since swing trading means a trade can go on for days, it is a tougher strategy to employ in this market because of how quickly things change. So for now I will wait to see if the market can reach my predefined levels and then evaluate the chart patterns from there. Be patient and be flexible.Comments and questions welcome.