Two Scenarios

I see two scenarios for the a potential intermediate term bottom based on this morning's market action.  The Qs are within a few cents of undercutting the 8/9 low.  The decline could end there, or it could fall to 47.45, which would make the decline from the 9/20 high equal to the decline from the 7/26 high.

The first scenario would make the declines equal in time, the latter would make them equal in length.  Unfortunately, the latter might alter the flat combination interpretation, but it will take a long time before we know that.  Again, although things look bleak right now, there is light at the end of this tunnel.