The lines all mean something until the market message, news, or whatever changes. Targets are certainly there, but nobody knows if it will play out, when, in a straight line, or not, etc. That's why I prefer to follow the system as instructed. The debate goes away and I get to go back to my life. I agree the bearishness has however gotten pretty extreme over the past weeks and it would be more than reasonable to see 3,800-3,900, even up to 4,110 into year end. 

That being said, there is a gap below at 3,583 that bothers me. I have no idea what Oz will do, so I'm operating as a robot and following the system for trading right now. My long term stuff is much different, I have a lot of my longs from the corona crash, so all good. Otherwise, buy some T Bills, and done.. Keeping a good bit of powder dry in case we get new lows at some point/capitulation type conditions. Takes patience right now but it is worth it. Patience has always paid me, no rush right now.