Looking at the weekly chart, there are strong hints that a reversal is coming. The , tuned with some (which took a lot of work) tracks the reversals. The oversold condition, combined with climactic action from the Weis Wave, combined with extreme deviation from value provides reason for going long.
Moving to the , the picture is simply fantastic. There is a massive on all momentum indicators.
The activity on the Weis Wave is as high as it gets. Very high waves, with lack of progress to the downside. Down Waves are larger than up waves, which signals that there is no reward for all the selling.
Going over the last 4 bars on the chart, that is 29.10.2014 - 03.11.2014, the first candle is , with a high range, with higher than the previous days. However, the later 3 candles are , and the on them is even higher than the strong down day. Is professional money buying or selling?? Probably buying! This is a new technique that I'm learning, so take all this with a pinch of salt. Reading is much harder than people believe.