Well it does support my "pet theory" that it is a hyper-volatile Fed induced trading range...That red area would definitely represent a ton of capitulation...I've read any number of bloggers who pegged Price X,Y,Z as the definitive high, which has, at times, held for a few sessions before another vertical ramp (ala 4/1, 4/12, etc.)...
I need it to get to my red area outside the channel before getting bearish and then of course, witness bearish price action that would support it to confirm it.
I remember in Jan-Feb when the IWM (Russell 2000) literally could not find a bid. The selling was relentless for weeks. Fast forward 2+ months and it's rallied 21.5% and counting. There are probably some good analog's for this market in the 1930's...forget about recent history.