On the above 2-day chart price action has corrected almost 80%. A number of reasons now exist to be bullish, including:
1) Strong buy signal (not shown).
2) Price action and RSI resistance breakouts.
3) Regular bullish divergence. 8 oscillators currently print positive divergence with price action. A clearer overview may be seen on the 8-day chart below.
4) Lastly price action is currently on the golden ratio following the breakout. Typically a good long entry.
Is it possible price action falls further? Sure. Is it probable? No
Ww
Type: trade Risk: <=6% of portfolio Timeframe: no idea Return: no idea
Tendancy is to go below .786 toward .886 an sometimes even 100% retrace then up