On the H4 above we can see a clear impulse move and then a 3 wave correction which has formed. It is not guaranteed that the bottom of wave 3 has formed but I have entered a position here. It is possible that there will be a 5th wave down before the break to the upside as indicated by the 5 red waves. I am however optimistic that the break to the upside will occur after this third wave reversal.
There is also very large support on the monthly time frame and I believe that an interim move to the upside is very likely.