Price has clearly broken into the gently rising long term baseline channel (blue)and appears to be searching for the bottom of the channel. If price is contained by the current gently down sloping channel (red) we should find the bottom some where around the end of the year or early next year, We have a confluence of support in the $200-$260 range and this is an area the bulls need to defend to re-establish their long term dominance and search for new highs.
I placed a fib structure on RSI
(borrowed from Constance Brown, Technical Analysis
for the Trading Professional) and we continue to have a bearish