RSI Stupid, Willy Stupid, Stoch stupid. Double bottom @ the .5
;) Seriously though. Going from a 450 bottom to a 440 bottom after such a movement shows very much how strong this level is.
Patterns, trends... The market moves for the same reason in the same ways forever and ever.
Rally Here. Retrace to 50% on longer move.
Weak support with bullish Indicators, or Strong support with a measured move.
I'd say we either go up from here, or make 1 more leg down to a 50% retracement of the last move, and then up to the long term trend. See Callouts.
Consolidation between the .76 Fib and the Mid-Term Bearish Trend... Nuff said.
For the Bulls... We bounced off the .618 and the .764 For the Bears... Mid-term trend line of death. Probably will consolidate in this range for some time
I'm long from 474. Still holding. This could break through the Mid-term Bear Trend, but at the same time this consolidation could easily fall apart for the bulls, but it seems that we should have at least one more leg up.
500 consolidation for the next leg up to the $520-530 range, then ????
Hmmm.... Yum... Shorts.... Looking to have a good chance of reversal at the 50%.
Bullish Divergence. Willy is as stupid as it has every been. RSI is through the floor. At we're at the Long-term bull trend.
Long term Trend support is here, but there is no telling if it will hold. Either way Long from 385 and watch it carefully.