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I'm looking at this as a corrective retracement of the previous downward impulse.
I've drawn a speculative channel and inserted a few fib retracements and extensions
Given that it's correcting the previous move I would expect to at least reach the 38.2 fib retracement
If the channel is true we could also see a 50% fib retracement.
Naturally price will not go ...
Price is approaching the channel top so we'll know shortly if we're going to get a break out and long trade or a bounce back down for one move corrective wave.
Stay neutral on this for now and let's see how this develops over the next day or so.
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