This downtrend has been made up of wedges and is a wedge in and of itself. Most large moves downward have been painted by a wedge with the MACD providing crossover confirmation. It is also notable that we are currently riding the mid-term downtrend that also happens to make this entire move a wedge.
If this wedge breaks out as I would like it to (sustained volume), the first target will be 340 (most recent resistance). If that breaks, it can go to the 310s (fib retracements and mid/long-term low line up). If 340 does not break as we once again test the 78.6% retracement, I expect a bounce to 364.
If this wedge breaks out as I would like it to (sustained volume), the first target will be 340 (most recent resistance). If that breaks, it can go to the 310s (fib retracements and mid/long-term low line up). If 340 does not break as we once again test the 78.6% retracement, I expect a bounce to 364.