Previous Chart about another trend perspective with similar target:
Also older chart of market cycles with similar outcome:
The Grids are multiple uptrend and downtrend fibo channles that can be seen here:
Update: Copied the text from the chart here, in case someone has difficulties reading it:
Slower Trend Phase - Region marked by indecisions
and where the last bulls try to join the ride, volumes
speak for themselves.
Intermediate Speed Trend -Lagging indicators starting to look , downtrend seems
to continue still, plenty try to catch falling knives or enough buyers try to speculate on
support or previous chart structure, slowing down an accelerating downtrend.
High Downtrend Acceleration - After breaking a major support, normally of the last upswing,
market enters into a fear and then panic stage accelerating the downtrend, culminating with
high selloffs, which is a good spot to cover longterm shorts and prepare accumulating
longs for a major correction (if not reversal).