I'm looking at this as a corrective retracement of the previous downward impulse. I've drawn a speculative channel and inserted a few fib retracements and extensions Given that it's correcting the previous move I would expect to at least reach the 38.2 fib retracement If the channel is true we could also see a 50% fib retracement.
Naturally price will not go straight up so expect corrections along the way.
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