According to the Elliott Wave count, it is fairly clear that an intermediate-scale wave-(3) low was reached on November 21st and a wave-(4) correction then ensued. Whether or not that corrective phase was completed with a bounce up to Dow 9000 remains to be see, but a break below the november 21st low would confirm that an intermediate-scale fifth wave is underway that could carry the Dow to 7000 or maybe lower.
Once this five-wave pattern is complete, a very substantial, multi-month Elliott Wave Primary-degree wave two correction should get underway that will be bullish for stocks and mass mood.
Of course, one should note that wars tend to erupt toward the end of downward Elliott Wave patterns such as now unfolding.
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