is still in a downtrend of lower highs and lower lows on the daily chart
. It appears to be an ABCDE flag pattern
. At this point there is a strong possibility of at least testing for a double bottom
at the C point low within the 61.8 - 78.6 retracement zone, and depending on how the market reacts on the double bottom
test it could go lower to a 75% projection as labelled with 100% projection as a worst case scenario.
We need to see the market break up out of the triangle as well as the macd
resistance, in impulsive fashion in order to shift our perspectives toward the bullish
side of things, however as it stands now this does appear to be in a bear market.