The downtrend has been in place since the 5th December 2014. On the 28th of December we saw the trend take shape as the lower-high formed a with the 5th Dec . price. On the 2nd of Jan we saw the price come close to the before a big sell-off.
Since then there has been two major levels; at around 180.250 and 175.750. The support at 175.750 has formed a triple-bottom which caused the price surge; this resisted at that 180.250 line but eventually broke through and then found that resistance as support. This price increase was steep and thus formed a steep channel. A triangle has also taken shape and is coming to a close.
More interestingly, the price once again bounced off that long-term which included a small breakout but ultimately a price rejection before continuing back down Therefore the channel should soon breakout and we'll hopefully see a retracement down to that 180.250 ; where there are previous closes and the cloud as confluence.
This should be a straight forward trade and I've calculated a 5:1 Risk/Reward which is shown on screen.