Squiggle count has 5 waves down from the recent 1230 high so this bounce counts as (ii) of [v] of 1. After (ii) finds its peak it should sell hard again in a wave (iii) of [v] of 1 down.
The bigger picture shows this decline has less market internal intensity than the wave [iii] plunge. This is consistent with a wave [v] of 1. However sentiment should get downright the most bearish on [v] which is probably occurring.
I assume today is part of a wave (ii) of [v] bounce because its obviously the biggest rally since the 1230 high and subsequent decline and prices broke out of the down channel.