Note that the decline from the 1/5/17 high was in the form of five waves. The rally from the low of the day is ambiguous. Its not clear if three waves up is are complete.
The Employment report due out on 1/6/17 could be the most important report in the first quarter of 2017. All three main US stock indices are still in position to make new all-time highs. The report could trigger the rally to challenge the high.
Or the report could trigger a large decline lasting several weeks.
Nasdaq moving above 5495.90 will change the wave count from an "a-b-c" to a five wave pattern which would imply the bull market is still alive.