To aggravate the bleakness, a (larger one) was formed inside this downtrend channel-(liken to putting salts on a wound/adding fuel into a fire).
Consequently, the price broke down of the long term bottom and after 6 weeks, the bottom was broken too! No room for negotiation from the bears!
History does at least repeat twice!!! After hitting the bottom, yet another formed again. Identically, that broke down has no room for discussion from the bear.
Now, the price at about to hit around 16.4 as i see it, either price will find minor support and then re-test the triangle bottom resistance before plunging to the channel bottom, OR, 16.4 isn't strong enough to support, and price goes straight for around 13.0 depending on the speed of price action and time.
Having said that, just because we do not know well enough about EW analysis, we ought not to down play its importance, aint it :-)
Just like the pure fundamentalists who say that Technical Analysis is worthless :-)