mkay... based on MACD mavs, local price is suggesting upside with divergence betwixt mavs n price (higher lows macd mavs, lower lows price)
IF this play to upside has legs, then the bounce off 78 percent retrace of v recent up, suggests target is 1.21 EXTension marked with purple dotted horizontal. Note confluence with 200 ma
ellipsed on Price
For a long play here, suggest stop below brown arrowed low on Price.
If uptrend from here is good suggests 3 waves, and for that look for target round the 1.618 extension (first dotted red horizontal above price, near 50% retrace of previous drop)
Am concerned that current downtrend, though corrective, from point 1 marked on price, appears to have only completed 3 waves and kinda expect another low for 5, but 3 waves is enough when corrective sometimes.
Also concerned with current location of stochastics.
Lower brown arrow highlighting most recent low would suggest stop for longs at this level.
:)
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