I absolutely agree. There are two advanced patterns pulling us down on the daily (gartley & bat) aside from the descending triangle. At a minimum we would expect to see the AB=CD completion of the Bat pattern at the level 590 level you've identified. Good work.
Hi LeMogwai...or a flag that breaks up?
With the macd crossing down it looks more likely you're right...I don't trust any signals at the moment though :-/
Actually, as I'm typing it looks to want to turn up again...potential flag :-)