Following a bounce up, Downtrend resumes

As expected, markets bounced on the daily 50 EMA and the 9/15 low, to resume their descent today closing below both aforementioned markers. This is significant, as this is a daily close below the recent iv low (blue).

Weekly: We are in a new trend  down.

Daily:  Short term descent closed below 50 EMA and 9/15 low

Hourly: On the 1-Hour chart we see again oversold conditions with a divergence on the MACD histogram

Interpretation: Have we just completed 5 waves down of a on the hourly? If yes, it implies a bounce up (b), followed by a larger descent (c)

Next: A short term bounce up away from oversold conditions is expected first. Then, if the market decides to head south, the August low is the next target, or about 5% from current levels.