From a long-term perspective, this chart is what you need. Let's keep it technical and simple!
When it comes to Elliot Waves, the correction often retraces to the fourth wave of the previous fifth. As you can see on the chart, price has retraced to two previous Wave 4's in lesser degrees.
Wave 4's: 1. Pink Line 2. Red Line (Buyzone 1) 3. Green Line (Buyzone 2)
Have we bottomed and are we in the accumulation zone already? Nobody knows. If not, we will correct down to the previous fourth wave of the bigger five-wave sequence, the area we call Buyzone 2. Don't forget stop-losses!