I think there's a decent chance that red is tested before it moves up towards the purple again. It may even just be a very quick wick to the downside. We'll really need to see that long term downtrend broken as well. If we happen to bounce in the current zone (blue) that would indicate that a long term higher low may be in, as it would mean that the has shifted upwards.
This is not financial advice! Just wanted to post an update on this particular pairing.