From the price action of the past days it looks like the double bottom is in play, which means that the bottom has been set-up, at least in the short-term. Non the less, I see 2 good trading opportunities in the market now. Both of them are a head and shoulders pattern, one short-term and another one longer-term. From the hourly chart on the left it can bee seen that the Head and Shoulders had been formed overnight and despite the fact that I've missed the initial break it is a good idea to enter now as usually this pattern presumes the retest of the neckline. I will open a sell right now with the stop above the second shoulder and target based on the Minimum Price Objective + support level.
The funny thing is that if the shorter term pattern will perfectly play out and we will see a bounce back to the recently established high, it should form the second shoulder of the inverse head and shoulders pattern on the 4h chart. The following is another indicator of the bottoming process. I will open the second buy trade on the break of the neckline. Those who want further confirmation could wait for the 1 or 4 hour candle close above it. Stop loss below the second shoulder (TP of the first sell trade) and TP based on the projection, which lies at 5225 price level. After expect that there will be a strong bounce of that level and we will probably see low 3000's again.
Am not going to write a lot about other confirmations and reasons for opening these trades as am afraid will miss the first short-term sell trade. Will keep updating this idea as the price develops.
Will really appreciate if you will support me by leaving likes and follows if you agree with this idea.
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Messed up with the first Stop a bit, should be above the second shoulder but not the recent high. Here is the correct one.