This analysis should be taken into consideration with the assistance of the weekly view. That being said, if the red arrow is really the beginning of a new major trend, then we need to see a corrective bullish
structure which will halt at the ML. I expect to see that the Stoch
will signal a bullish
opportunity and will fail. This failure will be a confirmation for the bearish trend
. But not until I see a hard confirmation will I take action.