I reckon that the Hourly uptrend has been confirmed, and we have either done waves 1 to 3 up with a not so easy discern wave 2, or we have done wave 1 up. Note the patterned circled by the blue ellipse on Price, which I dub an "elongated S" which I am used to seeing retracing AT LEAST 50%, and possibly 100%.. which unfortunately the first bit (50%) conforms to a wave 4 possibility and 100 ish percent conforms to a wave 2... so hard to be positive about what is what wave wise at this stage.
Check the stochastics... a drop past oversold would not surprise with that pattern either.
Ultimately I reckon that price has every chance to get up to within the two dotted horizontal blue lines, the 50% and 61% Retrace of the entire drop. If price gets there and how price gets there remains in the hands of the market gods.
;)
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