Time to pay attention. We have another potential failure similar to June 28th. If we drop straight through the previous flag (low $11,000s) then we will see panic selling. If on the other hand we bounce here, then we need to wait and see.

A quick recovery to $11,700 would strongly indicate a bear trap to me. Otherwise, the daily chart is still indicating a short term downtrend that is yet to be broken. Until proven otherwise, it remains a downtrend.