Why I think we are nearing the reversal:
* We are still in the down trend (the channel marked by the red lines).
* We are forming a pattern, which would indicate the incoming drop (short term though). The drop will bounce of the current support, at around £4500.
* It will become the part of reversed which will reverse the trend into .
* The closer we will move to the right red line the smaller the bounces between the baselines of £4500 and £6200 will become.
* The movement should slowly align with the green .
IMPORTANT: This is merely a plan of the game, which makes sense at the time of making the chart, though as we know in reality it will be different. Let's see.
Best case outcome: The down trend will be broken around March.
Worst case outcome: The down trend will be broken later as we will drop to retest the £3000 support.