We see an inverse head and shoulders pattern, where price should move back up to the level at which it started the down move, which coincides with the 50% mark. We're also in a widening wedge where the down move to the bottom of the wedge would be the 4th wave, leading prices higher for the 5th.
Comment:
We've seen multiple fake outs off this trendline, so this drop below it can be another one. Wait for test off of support to see if this will bounce. We also have a 5 wave completed here, so a correction is expected to the upside.
Comment:
If price breaks back above the trendline, then wait for the retest for the long.