Downtrend started near 2009 end around 2.1 then bounced for a correction in middle of 2012 which I believe we are still in.
A is forming over the past year and a half which is currently near its resistance . A break in the near future could mean a continuation of the deeper correction to .618 or .768 levels (numbers aren't showing on the chart but translucent colors are).
If we don't see a break of this resistance we could see one more drop to the lower support before a continuation.
Thanks for analyzing and feel free to comment and critique!