Previously I'd wondered if his W2 retrace would hold the 200DMA or drop back to a 61.8% retrace (and coincidental meet-up with the 50DMA); well the price has clearly chosen the latter and now sits exactly where my "ideal entry target" was plotted on my previous chart.
Given that the daily Stochastic
has hit oversold and is converging again, I'd say there's a good chance that's it for W2, so we can now look for W3.
Target shown on graph, based on a Fib factor length of W1 that also coincides with a previous high.
If using stops, place one around 23p.