It can be many things but so far is looking like a bottom megaphone- and the last point under construction. That being said- still short until around $11.70. It could be the last short move and reverse.
Pattern confirmation: on the third upswing price breaks above the prior high level and fails to fall below the level again.
Elements Chart with Geocentric chart... Oct. 17/18th (Aries Lunar Eclipse) bad through Oct. 21/22 (Mercury Retrograde into Sun Sign Scorpio -- same move as Oct. 19th , 1987 Black Monday Crash) Mercury, Venus and Saturn are also in Scorpio). Matter of fact Mars is configured to all three planets by superior* sign-based square from Leo throughout first half october. This situation is alleviated until Mars moves into Virgo around Oct. 15th. This is hampered as soon as Mercury goes in retrograde Oct. 21. .. I'll post more soon in a published astro chart with SPY
There is another option: what about entering this later? Patience with this one if you want bottom fishing:) It just made a gap down- you can buy it cheaper and all is good:) Patience and keep it on watch list