There could be more downside. This could just be a bounce up. I see not only the trendline but also resistance at the 30 SMA on the 4 hour chart. On the daily chart, little to lead me to a bullish conclusion based upon recent activity.
The overall trend is still downward from the high the first part of September. There is nothing on the daily that say the trend even approached being broken.
Yep, I'm with you. I think the head and shoulders is likely and it will bounce off the down trend resistance like like it's done 5 times already.