Here is an updated 30 minute bar chart of e-mini day session trading. The market has rallied a tad above the midpoint of the drop from 1016 to 976 (horizontal dash red line). So far it has also rallied just a little bit less than it did on the previous big rally on the way down to 976 (purple rectangles). Finally, it has stopped just shy of a declining parallel trend channel.
Since we so far have not seen any significant increase in trading volume above the 994 level I am going to stick with my view that the market will drop into the 960-70 range before it rallies to 1035. However, I think today's action is yet more evidence that the drop from 1016 is corrective in nature. Should we see strength above the declining red dash trendline I would conclude that the 976 level marked the low of the correction and that the market is headed for 1035.