I am inclined to think that this is the operative setup - time will tell pretty soon. We hit the bottom of the 5th square just a few weeks back.
More importantly, we will be exiting out of the square next week. Based on these observations, I will be buying back into (for the first time in a year) as soon as my target is hit - probably today or tomorrow...
Scale the chart first, before you do anything else, then lock the scale.
There are a few schools of thought about the best way to go about scaling a chart. One way, fast and neat, is to pick a recent high and low, and use the trend angle tool to draw a 45 degree angle, making sure that the high and low are on that angle line by changing either the price or time scales. Then be sure to lock the scale.