We now have a few reference points in the form of downsloping magenta and upsloping green one .
A move past the upper parallel of the magenta fork would have implications and price could then move to the middle green line. If this happens, a buy signal in the Point and Figure chart would be triggered and a new sequence of higher highs and higher lows would be underway.
The other scenario is a failure in price and a fall below the recent low of 8002. This would mean continuation of the upto 7750-7800 range.
Which scenario will playout? You guess is as good as mine, for the moment. We need more evidence from price to lean one way or the other