It is a long-term key structural trend line. We should not be surprised that we could not pass it. You will find that price has been rejected from this line 7 times. We crossed it only 4 and it required a lot of momentum and volume to do it, something in very short supply right now.
Otherwise, I think this is perfectly correct. We are on the backside of the third hump in a three hump cycle. The SC point went very deep into the structure and has thrown many off on their TA. So they did not see this bear run coming. Luckily, it will be short, probably a month. But I think you have the bottom out area correct.