Reaction off of Smaller Time Frame Support. Still no signal for reversal. Watching closely.
Major Support has been hit. My model has defined this zone as a High Probability Reversal Area. Buys should start coming in defined zone.
If I see a signal to buy on a smaller time frame I will be sure to update this post. But as of now, the analysis stands.
I personally don't think fundamental analysis has much strength in terms of predicting price action. Particularly since I have studied so many different forms of technical analysis. I find that fundamentals act as a catalyst to what the technicals have already drawn out. For instance, in this chart, the technicals tell me that there is a high probability for price to drop into the Major Support zone. What the catalyst will be for that move remains unclear.
With that said I can make an argument that on a smaller time frame the range of 11.56-10.17 can also act as support. However, I would not give it the same strength of support as the zone highlighted in the original chart.