I have mapped out a mini-Elliott Wave which, in combination with a positive momentum indicator, looks like a decent chance of playing out. The longer time MACD has the lines in the right place. The 15SMA and 5EMA are quite wide apart so there is every chance of a rebound in the coming days.
Comment:
Looking back to December 2022, there is a gap in the market between 4.1 and 4.3. This recent move up could be a pre-cursor for a long drawn out run all the way to the gap. Todays price therefore does seem discounted enough to get in for a low risk high reward trade.