The high-volume shooting star of January 2016 coincided with the breakout of the TL. The highest point of the rally is not only an intersection point of parallel MLs but also a Fib confluence level. These all suggest a turn in the trend. The area pointed by the red circle is likely to be visited, after which I charted two possible courses of action. For the time being it would be enough just to open the gates for lower time-frame shorts.
Yes, it's called the Schiff pitchfork with variable anchor. The anchor location is to be on the line connecting the beginning and the end points of the Schiff swing, and at the 0.25, 0.382, 0.5, 0.618 or 0.75 level. You may check Mircea Dologa's book titled "Integrated Pitchfork Analysis Vol. II". Dologa takes those levels in the arithmetic scale, finding the intersection points with the Fib retracement tool, but I myself find it quite useful at times to utilize those levels in the semilog scale as well.