If hourly closes below 0.24 (spring-like shakeout) without a quick close above the support line from the bulls means it is not a spring but a sign of weakness and could further head down to 0.17 area. But I am rooting for a long position since it has not seen a lower low for 21 hours now. Average generation of lower low is 13 hours. Sellers are exhausted and supply absorption could already be happening.
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looks like the bottom is in. SOS seen early as expected.
Comment:
Dump must not close below the top of support of wave 1 from an elliot wave perspective. So this could be wave C of whole 5 waves of a bigger wave 1. Wave 3 will be epic if it plays out.