In the big picture I see an inverted Shoulder Head Shoulder. Now we are maybe on the right shoulder, but we have to leave the down trending channel to confirm the change in Trend. If that happens we can go up to the 161.8 Projection, there is also the 38.2 Fibo Retracement. Then the wave 2 with A-B-C structure should start downwards. If wave 2 is over there will start a strong 3 or C up. I wait there with my Longs :)