I was looking for a bounce off of mid 45's and we got it. Although I was not expecting the counter rally to be so strong and so soon. I am now measuring similar moves made in the past 180 days and found a few similar rallies this powerful. From the looks of it we have room to run still and then some. I still see a top at 55-56 before moving back to low 40's or lower.
For now I am trading defensively and taking chunks at a time.