In general, we are in the correction of a large wave, and in a small glance, we are in the correction of a microwave, which we have to see.
Keep in mind that because the floor has been hit many times and not broken, it can be difficult
We discussed this market last week and the fact that price was looking to pullback into the major support level and 50% Fibonacci level.
Now price has pulled back into this level we can see a bullish engulfing bar and rejection candles have formed rejecting the support.
As yet there has been little follow through and for a move back into the recent swing high...