We are forming a bear flag pattern, as the wave 2 retracement. Wave one broke through the symmetrical triangle pattern, indicating the start of the 5th wave of the Last cycle, we are currently in the second wave correction.
This is forming a bear flag pattern, which played in conjunction with the elliot wave count is highly likely going to be break downwards. This is further supported by the large rejection wicks we have seen.
Targets of this are between 7,100-6,950. If this does not hold expect 6,500 although unlikely