I have been looking for a low to form at around the 50% retracement (16.97 and a decent Vol Profile level..magenta line). We dipped a little below that, but did land on a measured move number (15.40 MM =100%) which is perfectly acceptable in my eyes. We certainly arent out of jail yet and need a move to at least 19.20 (currently) to indicate the Weekly chart is turning back up. The Weekly Trend (blue 13 wk swing line) will turn back up at 20.93 (currently). Volume this week was good and I would really like to see another break of the average volume next week.
The Daily chart shows a couple of nice Calendar Day counts into the low. I would have liked some divergence, but I can live that. A retest is of course possible, but not a high probabiity as we stand today.
My outlook is for a rally to Mid May. I thought it would start Mid Feb, but this move off the low looks like it has legs.
WEEKLY
DAILY
