I also wanted to talk about the channels lines, because many people have commented about the break of the upper channel line. It has been something I have been watching because a break above would be one of the first signs that the down trend was in jeopardy. The channel lines that we have now are only temporary channel lines for a larger degree wave, because a proper channel can not be established until we have a completed 3rd wave, then we can draw a trendline between the 1st wave low, and the 3rd wave low, with a parallel line coming off of the 2nd wave high, building a true channel.
The most interesting thing about this chart is what the MACD was showing back at the sell-off in July, it never budged from it's bullish readings, the July low was hardly a blip on the radar in the Renko version. For the crowd that keeps comparing this current sell-off with the sell-off back in July, they need to pay attention to the differences. This is not the same as the July sell-off, this current one has conviction to it.
The Full Stochastics are now on a full sell, this is also something that never happened back in July.