I see this differently but technical analysis is more like art than science.
First, in the orange area we had higher highs and higher lows (uptrend). Then we had lower highs and lower lows (downtrend) in the black area but it was broken when it bounced at the support line. Now we are back at the support line. Its looking good for another bounce but what will happen largely depends on the market sentiment and the oil price. If you are holding for the long term, it doesn't matter much.
BPT Tea leaves analysis, page-680
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