If the CT is bullish then one more sell off in wave E should hold the lower trendline near 4800. Yes then things can turn positive however as mentioned I think its a distribution triangle a mirror image of 2001-2003 at the bottom.
Have I seen this? Many times in stocks. In index we are witnessing this first time at supercycle degree in India but it has occurred in China after 2009. Let me share some charts. Here is one and wonder if anyone can guess the name of the stock...[clue:from the tech bubble]