Hi Lolly,
it's a bit difficult to me to comment this, since honestly I do not use trend lines for trend estimation very often. Besides, "long-term" sounds a bit subjective, but I'll try...
Since market shows deep move down, you probably can start to think about ultimate butterfly targets - 1.27 or 1.618. As you will see, they stand around daily K-support. From that perspective I think market should make a trial to break this trend line. Another thing that comes to my mind is DeMark approach to trend lines breakout. He said that usually market passes equal distance after breakout as it deviate above the line. Other words reaction equals to counter reaction.
Still, as we' ve mentioned in weekly thread, market still could show some upward bounce before down move will continue.