Yesterday it has just reached the of the left shoulder (formed at the end of sept.).
During the end of october it has established a higher high, which is the first sight of a potential secondary trend direction change.
If this is the higher low, it may be a great opportunity for a long position. ( I have indicated a potential buy position with a close stop loss).
If the downtrend continues, the next thing to look out for is a possible SECOND HEAD (making it a more complex formation), or a , something that we saw in december 2011.
Of course there is also the possibility of forming both, which will be quite a clear signal.
The target line has been estimated assuming a breakout from the line in the breakout zone and it is the furthest target line that I can point out in the current situation. Therefore it can be subject to change and for a short term target it can be moved closer.