We have this idea price is sitting in demand. The parallel lines are drawn backwards taking our wave from the top instead of a wave at the bottom forming higher lows - but it has not made one yet. So all the parallel can do is suggest a higher low at the bottom. We can see it is at the point where price broke out. Momentum is still down and will be down till we have a higher close on the daily, we can start looking for higher closes on the 8hr, sometimes the 4hr but I would caution against the lower timeframes.