My point of view has 3 ideas:
1. Downward resistances 1 and 2 were broken, 3 in the view (all in red).
2. Previous two big falls were followed by 38,2 retracement in good shape (see the return in each case).
3. In this third big fall, before reach next 38,2 retracement, it will wait a congestion in the the 23,6% ...