Notice the wide gap from just above where the lower trend line is placed. This pattern often indicates a retracement is near.

Can be seen on many charts all the time.

Two things that have not happened so far.

The market has not gone out to indicate wave four or test outer trend line.

50% retracement for wave four.

I would like to see these before the bottom is reached to indicate the trend as changed for now to bullish. Which will lead to rally- of a big consolidation being build for support. In wave theory, wave four.