Price has pushed a bit lower during the first half of the week and did make a reversal during the second half of the week. It could be that price has actually hit the low an that this low will turn out to be the low for a long time. However, after having called for a low too early 2 or 3 times during the past weeks we have become a bit more cautious and want to see confirmation. Besides, there is no hurry to jump into this market as with the picture as it currently develops we will certainly see a test of same low so we won't miss too much of it.
There is a at the 330/335 zone where price traded to during last Friday and a decisive break of same will give us the green light to look for higher levels from there. However, for now we want to hold back a bit longer just to see hoe this plays out and whether price , maybe, wants to make on more push to the downside.
It is worth keeping in mind that, once a tradable low has been put on the chart, we will be looking for an very far reaching move to the upside that will take price to 450 and even possibly 500 during the first quarter of 2017. That would be some 405 to 70% higher than what we are looking at now and can be classified as a 'massive increase'. Having said so, we will have to take this one step at the time and will need to identify the tradable bottom first.