To the old timers from K's blog this is the definition of the GSEC. LOL! Price did close below the channel before retracing back into it. Usually a close below indicates a further break to come. It is possible that the sky blue line will become the upper TL for the P3 wave down. That is a long broad slope if it is. The concerns to the shorties on this chart are A) price is back in the channel and B) those indicators are oversold. By no means do I think it could possibly go back to the top. I'm betting that the sky blue line holds for at least a year if not longer.