I'll be using the following five signals/patterns to decide entry points and will likely look accumulate over three separate buy ins. The exact points will become apparent as time unfolds, my aim would be to buy in where as many of these signals overlap.
1) RSI on daily and weekly. Daily target around 30 or lower. Weekly to about 50.
2) Fib levels 0.5 and 0.618 of current (pink)
3) Previous support (green)
4) Bottom support trend line (blue)
5) Assuming we are going to retrace (leg B) a bit on this pull back (leg A) I'll be able to chart where leg C is likely to end at the 1.272 and 1.618 extensions, which should also have a three wave pattern.
It would give more confidence if these can also be seen with divergence on RSI.
1) RSI on daily and weekly. Daily target around 30 or lower. Weekly to about 50.
2) Fib levels 0.5 and 0.618 of current (pink)
3) Previous support (green)
4) Bottom support trend line (blue)
5) Assuming we are going to retrace (leg B) a bit on this pull back (leg A) I'll be able to chart where leg C is likely to end at the 1.272 and 1.618 extensions, which should also have a three wave pattern.
It would give more confidence if these can also be seen with divergence on RSI.
It should be noted however, that we have just posted a very slightly higher low and so this could still result in another drive higher as part of an althernative wave count 5 (shown in brown wave count).