Buy the dip?

If you are looking to buy the dip from last week's sell off, the chart seems to tell a different story. From what i can see, even though the market has come back up since last week, all it has been doing is testing the 50% fib retracement from last week's high.... It also can't go higher than the midpoint trend line. My guess is that it's prepping for another downside to complete the elliot wave that started a couple of weeks ago from all time high. I could be wrong but the trend always seems to be eerily followed by this index..