The other scenario is a close far below (<45). This could trigger another leg down to 30-20.
DAILY: New attack on the 50 MA. A close above reaches the 50-54 area
WEEKLY: Strong divergence
MONTHLY: Crossover . Nice tail forming on CS
I hope you don't rely on one indicator to trade of. Personally I trade pure price (action) with fundamentals / longer term trends in the back of my mind and only use indicators to observe.
It doesn't really matter if you use a MACD, Stoch or RSI in my opinion. On the RSI I also don't look at overbought or oversold levels, markets can stay irrational long at these levels. Only look at the signal line relative to the 50 level (measuring strength, the original purpose of it). Same goes for MA's, looking relative distance of price and rejection or penetration of one MA. Many people look at crossovers between MA's getting them whipsawed like begin March on Crude at the 20/50 MA.
That being said, the selling pressure in the last 2 sessions has been a lot less violent than the buying. We could see another test and failure of the 50ema on the daily but we have to get there first. IMO you could probably play the intraday longs for the next few days. I'm not sure we have the environment necessary to get us to the 60s that the curve is telling us we are going to get but it could happen.