There's still not enough volume to feel confident it is reversing yet. I have provided two scenarios I believe are likely. The key factor is Volume.. I have seen a reversal on low volume before but it doesn't happen often.
If we get a full daily candle with relative volume we can have more conviction on its future direction. For now, I believe it still has some consolidating to do.
If we get a full daily candle with relative volume we can have more conviction on its future direction. For now, I believe it still has some consolidating to do.
The second scenario is now on the table but first needs to break through its recent low which will be its third attempt, that being the case could provide strong enough support to find a bottom there but we will have to wait and see.