Price has continued to press lower with short relief rallies being sold off. Currently it has broken the intraday trendline that goes back to the 11490 high on March 5. We see that the break lacks momentum and was quickly sold off and a retest of the trendline is in place. This is also forming a triangle pattern. If price breaks lower and close below the triangle and returns back below the trendline, we are likely to see another wave down. If price breaks above the triangle and takes out the high at 7150 and also the top at 7500 we will likely see a move to the yet untraded Monthly pp at 8400. Still, since the trend remains bearish on the H4 timeframe bias is to the downside.