Any channel lines I draw will be in parallel to each other as constantly changing angles does not help to make technical analyst very stable. I found out that it is critical to have all parameters the same, so the reference points can be more consistent. The is especially true when doing printouts.
Right now the market is between the trend lines, but has been rising. Are we going to see one more high before the markets pack it in again? Either way the rally since the 20th bottom has not been an impulse so a new record bear market low will eventually happen. All the pattern since the May 2015 peak have been diagonal in nature, so I have to review everything from that peak if a diagonal 5 waves down is in progress.
I stress diagonal 5 waves as they have different outcomes than pure impulse waves do. If for some reason the market crash in a death defying plunge then this would be another new low to rally from.