is that a Flag?

greetings...as most of us have been in denial hoping the fed will keep swooping in and pumping up the stock market but what we see every day are new lows ...if you look at the weekly candle from last week we can see a bearish engulfing candle...what i am arguing is, these are not levels to buy in just yet, i think we might see further decline... taking new positions going into the weekend might be a bad idea as Monday tends to be bullish for idecies