According to my primary Elliott Wave count, the DJIA should start heading higher in the next day or so or my count is probably crap. Given my lack of skill in this dark art, the odds of the later are probably much better than those of the former. Despite this lack of faith, there is a benefit to having a count, wrong or right, because it often says what must happen, not what will happen, but what must happen for the count being used to be valid which helps set stops. For example right now if the DJIA takes out the low on the 5th of July, my count is likely wrong. If it takes out the low of June 17th, my count is definitely heading for the trash heap.
My count assumes the BLS massages the inflation numbers coming out tomorrow to be a bit more amenable, and FED heads hitting the stump start talking pause. If the inflation numbers tomorrow are horrible AND Jerome or his minions come out talking really tough AND the market actually believes the talk, my count will probably die a miserable death tomorrow.
For an interesting, somewhat more bearish short term view and Elliott Wave count from someone (unlike me) who actually knows what he's talking about, take a look at Glenn Neely's post from the May time frame on youtube.com at ( NEoWave Market Update on S&P, Gold and T-Notes by Glenn Neely on May 8, 2022 - YouTube ). His S&P short term count discussion starts at about minute 24 in the video. If I understand what he's showing, he expects the current sell off to intensify, going down to somewhere near the pre-pandemic highs.