Long U.S. market soon? Testing top of downtrend channel right now, waiting for BOT- 7/28/15

We're testing the top of the downtrend channel right now. Looking for a BOT long signal as next potential trade. As mentioned before, we need to patiently wait for the following setup:

- BOT (break of trend)

- Should have a bear trap or higher low from previous day before the BOT occurs. The current potential setup would have a higher low pre-BOT signal as is indicated by the higher red line from previous day on chart

- Once a BOT occurs, we need a pullback to OP or opposite of trend line test. If neither occurs and the break is quick, the FL1 (failed short) is what we look for as entry signal.

Here is the 1 hour chart showing the trend with potential BOT long. We will keep you posted.