This correction has been referred to as triangle or for quite some time. The most recent bottom surprised many of us as it did not line up with a at all. Now, it seems to have made more of a descending triangle? It's possible that we don't break below $6,000 levels, but, because of the nature of the pattern, it's possible that we do break below the 6,000 levels before completing an ABCDE corrective wave. Some may call it a WXYXZ pattern, especially if the triangle formation does not hold. Also of note, the similarities between this correction and the correction in 2014 are quite strong. @D4rkEnergY posted a great comparison chart which I'll link to in the related ideas. That chart even shows how we found support on the standard downtrend a couple times before finally heading up.
It is my opinion that it is important to look at both the standard and log scales at this time. Both should be respected. I indicated short on my chart but I'm long first followed by short. Breaking the downtrend resistance on a log scale would be a move. We'd need to reach into the 9000s to convince me.
Charts are NOT financial advice. These are only the opinions of the author.
Note that I like clean charts so indicators are turned off on all published posts and I remove fibs and other tools.
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