Several points lead to a higher position from here.
- Major point: DMI , , , and Acc/Dist show potential up side from these levels, though it may dip lower before that as , Dist, and have some room to dip to the lowest part of the range
- The price bounced a bit from an area that is within the lowest range of the up-trending channel .
- Wave counting gives a hint that it is either in the last wave still or ready to change the trend and get into a new wave count, with first one leading higher.
- Price bounced off a strong several times in all the past sessions
- Price seems to keep within the 150 DMA
There are several indicators of a possibility of going lower:
- The recent trading is weak, indicating not enough steam to push it through the recent down trend
- A series of lower highs within the day view coupled with the first negative point shows the mood is for going lower.
- Dipping lower 200 DMA may lead to a spill, next resistance at ~2.00
- Given the low , it is more probably the price will go down to 2.00 and decide its further action from there. It will still be attractive up to at the price between 2-2.50