A quick chart for SLR:I reckon this could be the short term...

A quick chart for SLR:

I reckon this could be the short term bottom here. The main reason is because price has been chanelling down and today it broke to the downside. When price breaks the downside of a descending channel it usually indicates the last wave of panic selling - a blow off bottom.

I said a few days ago that I thought SLR was going to make another channel down. I still think that, but I think the angle is different now that more information is on the chart. I can only take it day by day and try and figure out the highest probability of which pattern will unfold. If we get a bounce from here, im pretty confident that this new angle will play a part. This time its a bit more certain given that its given a pretty good clue that the bottom might be in. Im looking for a bullish engulfing candle here on volume. A doji on volume will do.

I would always wait for a bounce though in a situation like this - a reversal candlestick pattern. The indicators are also starting to find support and should turn around about here.