The wide red downtrend channel
was extended from Jan 2012. Price hit channel bottom and gap up into a branching channel breaking out of downtrend channel
but as it was rejected by 11 and branching channel top, price got suck back into the underside of downtrend channel
This is a little tricky situation, the current price action is forming a triangle pattern
which is part of a red downtrend and green branching uptrend.
It remains to be seen this triangle pattern
belongs to which channel although IMHO
tend to favor continuation of downtrend to fill the price gap.