Not taking a long on this pattern break based on the current bearish trend but if it continues to break up on increasing volume I may get interested. Will be watching for a potential short if it reaches the levels I've noted and appears to reject.
Comment:
breakout + currently retracing on the low timeframe. No position currently but keeping an eye out
Comment:
Right around this critical level. A convincing break through on volume and close will look to me like a true reversal. The rectangle it made before the last panic sell is characteristic of a bear trend's final phase before the panic phase that we saw bring it to the low. Since then it's formed a nice basing pattern and had an obviously big move off its bottom with convincing volume. Low timeframes appear to be continuation patterns in play currently: