Even though we have a possible double bottom, I still favor the downside for now. A lot depends on the price action during Friday and the beginning of next week.
On the other hand, the fact that the double bottom was made with a new low, makes the situation a bit more bullish, because the longs are taken for now and those who shorted the "breakout" are probably stopped out also. So, once again - near term price action is the key here.
On the other hand, the fact that the double bottom was made with a new low, makes the situation a bit more bullish, because the longs are taken for now and those who shorted the "breakout" are probably stopped out also. So, once again - near term price action is the key here.