That red trendline remains relevant and should be watched. It is very possible the correction ended today and if anything, the first leg of the correction.
I would like to see the market rise back over the descending trendline (see below) and retake some key MAs (50, 10 and 20). Below are some possible near term scenarios.
One other thing to consider is the daily MACD sell signal today. A follow through confirmation tomorrow would be required so we'll have to see.
Positive MACD divergence was confirmed today on the 5-30 min time frames along with a confirmed buy signal on the 60 min.
3 MIN
Here's how I'm counting it off today's low. Looks like a 4th wave may have been put in near the close. It tapped the 1-3 channel almost perfectly.
The chart above highlights two possible paths of the market. Either the correction ends with the triangle per the blue count or the triangle, per the red count is an x wave prior to a wave y down to new lows. See the corresponding charts below.
The chart above highlights two possible paths of the market. Either the correction ends with the triangle per the blue count or the triangle, per the red count is an x wave prior to a wave y down to new lows. See the corresponding charts below. 
This option follows the blue labels of the triangle above.
This option follows the red labels for the triangle above.
